An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks. The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had…
Synthetic Loans
What Are DeFi Synthetic Loans?
DeFi synthetic loans, also known as synthetic lending, is a type of lending in which a borrower receives a digital token that is pegged to the value of an underlying asset rather than the asset itself. The borrower can use this token as collateral to borrow another digital asset. Here's an example: Let's say John wants to borrow $10,000 worth of ETH, but he doesn't own any ETH to put up as collateral. So instead, he can use synthetic lending…
Block Education
@BlockEducation
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