Probably quite an accurate take. They don't want to realise losses on their wBTC & unwind this or simply don't have the funds to do so. Reminds me of our favourite historical treasury mgmt; https://twitter.com/HsakaTrades/status/1415892726013329412?s=20&t=4z4Mxq0f7NkFuBxIJvhdYw …https://twitter.com/Dogetoshi/status/1536321081656725504 …
This is super illegal if true - if they believe they are insolvent, they are supposed to wind down positions and prioritize repaying creditors instead of revenge trading out of the situation. Wrongful trading by controllers carries a high penalty.
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Not an allegation, just an observation. But yes, i agree
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But this is crypto - normal rules don't apply - didn't you know that? Doing the "Do Kwon" dance....
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Do we know which entity is actually trading/has creditors/owns assets etc though? Would be clear in a normal corporate structure but this could be uncharted waters.
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Why is Celsius borrowing dai in the first place ?
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