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A Pyramid of Ponzis: Celsius Network – Episode 85


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In this episode Bennett Tomlin and Cas Piancey discuss a lawsuit against Celsius Networks by a former trader accusing them of being a Ponzi scheme.

This episode was recorded on July 8th, 2022.

Read more: https://cryptocriticscorner.com/2022/07/14/episode-85—celsius-networks-a-pyramid-of-ponzis/

Other episodes mentioned in this episode:
Episode 1 – Tether: A Stable Discussion https://youtu.be/mo4ISzWRyqw
Episode 2 – Tether: A Stable Discussion Continued https://youtu.be/NYPBYPCtq54
Episode 3 – Tether Questions and Answers https://youtu.be/4OThSfFGTMc
Episode 6 – Crypto Capital Corp: the quiet billion dollar cryptocurrency scam https://youtu.be/bPAfTQjMkbk
Episode 26 – Cryptocurrency Lending is Too Good to Believe https://youtu.be/A_Sj_ZrlyLs
Episode 79 – Celsius Collapse: Causes, Concern, and Catastrophe (Feat. Dirty Bubble Media) https://youtu.be/z5S0IkIM7vc
Episode 47 – Michael and Omar and 0xSifu, oh my! https://youtu.be/CCA82Z1L9Uo
Episode 83 – Contagion and Cascading Liquidations in Cryptocurrency https://youtu.be/5oevnoGfHag

Other Resources:
Lawsuit https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=RvF30Mz2IZW63s1mjjau2Q==&TSPD_101_R0=08533cd43fab2000f0dc11e49d70742b993b13e91c7484146713ac65f09b5e42ff50f100c937bf2a088a5d5e541430007b1ed728edd3b9236b8e1c4ebcde907dc1b428cb2719f2f07ebc5907ce6f2e9d851c3c805333e0726988d7529cfdd981
Jason Stone thread https://twitter.com/0x_b1/status/1545153673445113857
0xb1 address https://etherscan.io/address/0xb1adceddb2941033a090dd166a462fe1c2029484
0x50dd address (Believed to be Jason’s where he sent NFTs from profit share) https://etherscan.io/address/0x50dd57f50a17d57304e7a4f262da30beb31c2e87#tokentxnsErc721
usastrong.eth 0x57ea (One of Krissy’s known addresses) https://etherscan.io/address/0x57ea288de7bb0bb0c70db184654771d01cb238da
0x37284 (The address we believe to be the one described in the suit) https://etherscan.io/address/0x37284716125a3fb09b742267e9c24ac76c29198f#tokentxnsErc721
Babel Whistleblower https://decrypt.co/43168/whistleblowers-level-accusations-against-chinas-biggest-crypto-lender-babel-finance


Join Daily Airdrop

Other places to find Crypto Critics’ Corner
Website: https://cryptocriticscorner.com/
Twitter: https://twitter.com/CryptoCriticPod
Instagram: https://instagram.com/cryptocriticpod
TikTok: https://vm.tiktok.com/TTPdPN2hK9/
Discord: https://discord.gg/mFGxZMJCVf
Bennett’s Twitter: https://twitter.com/BennettTomlin
Cas’ Twitter: https://twitter.com/CasPiancey
Bennett’s Newsletter: https://TheFUDLetter.com/
Cas’ Blog: https://thecaspiancey.medium.com/
Bennett’s Blog: https://bennettftomlin.com/
Asher’s Twitter: https://twitter.com/Ashtag23

Timestamps:
00:00 Who is suing Celsius?
0:40 What is in the suit?
3:45 Control over Wallet
7:14 Why was Celsius in DeFi?
8:51 A Ponzi invested in ponzis
12:03 NFTs
17:55 CEL Token
20:14 Scammers scamming scammers
25:15 Accounting issues and Tether bailout
27:24 Deep relationships and embedded leverage
34:40 Is there promise for regulation?

This video was produced and edited by Asher Hirsch.

#cryptocurrency #crypto #podcasts #listenable #web3 #celsius #celsiusnetwork #lending #cryptolending

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24 Comments

  1. You’re right that many of these issues are financial market related, i.e., greed and never enough profit, but in crypto markets the regulatory and legal infrastructure is evolving which allows a proliferation of these “bad” actors taking advantage of uninformed and undereducated retail investors.

  2. Guys, you have no idea what outright gold your discussions are!
    I stumbled on to this awesome channel thanks to the podcast of Matt Binder mentioning your channel.

    Keep up the awesome work, guys!

  3. please keep doing what you're doing but i cant watch this stuff anymore since the sky is green and its depressing

  4. Bennett is on the money at the end there. Our political/regulatory landscape is pretty bleak right now. There’s a cryptobro in my city who’s running for state government and I think that’s another vector that lolbertarians are pursuing (since it worked so well for Republicans).

  5. it baffles me why the government is still not making laws against crypto ponzi schemes

  6. It's the cracks in the foundations where the next phases of growth emerges from.
    There will always be those who play fast and loose. There will always be those who play by the letter ofthe law and others who play by the spirit of the law.
    The stress of eternal pessimism will take years off your life and many optimistic lemmings will follow each other off cliffs.
    These years ahead will be very trying times for everyone. Take care of yourselves!

  7. newt GOLDSTEIN

    its a big israeli fraud ring i tell ya

  8. “Bitcoins not going to zero” I wouldn’t be so sure about that. If only due to quantum computers eventuality.

  9. It's amazing that he talks about "his share of the profits" while losing money.

  10. "Banks are not your friends" that is what says in front, with untraviolet light you can read "Neither are we" on the back of his shirt.

  11. I used to work for Celsius. I even met Jason. He called the management team the “nepotism crew”. CNBC flew down south to meet me last week to talk about the company. They’re gonna put me on tv. I wish they would’ve released it before the bankruptcy announcement. I predicted the bankruptcy in the interview.

  12. This is exactly what I’ve been waiting for. To me, this is what CCC is about. Deep dives unwinding complex financial scams in the cryptocurrency space. I know y’all have been experimenting with having pro-coiners on the show, but it low key just feels like they take the opportunity to explain how everything everybody else is doing is fraudulent, but totally not what they’re doing. I think that format could work really well if you really put them in the hot seat and grilled them on tough questions, not letting them sidestep or give a non-answer. It’s difficult to take a show that is very anti-crypto and turn it into a more neutral debate from both sides. That format may be better as it’s own show though, as most of the audience here will likely be frustrated with anything less than an absolute evisceration of pro-coiner arguments. I really don’t want this to come off as harsh or mean. I really love what you both do, and I want to see more of it. There’s no one else covering these topics like you do on this show. For real, the fact that you guys can pull at these tiny strings and follow them to some rotten core of corruption and fraud is just amazing. It’s seriously impressive journalism that you just don’t see these days, even from mainstream outlets. That’s something to be super proud of. I just want to give some constructive feedback that I hope you will take and use to make the show even better. Know that your work is appreciated more than you probably think, and I’ll see y’all in the next comment section. Peace ✌️

    Edit: I’d also like to say that I’ve really enjoyed the episodes where you’ve brought on other journalists covering frauds in this space. It’s a nice synergy with a side of cross promotion.

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