In this episode of pplpod, we investigate the spectacular rise and fall of Celsius Network, the cryptocurrency lender that once managed nearly $12 billion in assets. We break down how the company lured millions of customers with promises of high interest rates on crypto deposits, only to freeze all withdrawals in June 2022 amidst "extreme market conditions".

Join us as we uncover:

• The Business Model: How Celsius operated like a bank for crypto—taking deposits and issuing loans—while claiming to return up to 80% of revenue to its community.

• The "Bank Run": The events leading to the Chapter 11 bankruptcy filing, which revealed a staggering $1.2 billion deficit and left users as unsecured creditors.

• Ponzi Allegations: Internal documents and lawsuits that described the o ...