defi collapse - Financial Fright

Case Studies

Celsius Network bankruptcy: Why 1.7 Million Users Lost Everything

Alex Mashinsky depicted as a gangster, smoking a cigar and fishing for crypto coins in a 'pond' of user deposits, symbolizing the theft in the Celsius Network bankruptcy.

They called it a bank. Promised 17% interest. “Unbank yourself,” the CEO said. 1.7 million people believed him. Then, one Friday in June, withdrawals stopped. $25 billion trapped. Accounts frozen. And the CEO who promised “we’re safer than banks” was secretly gambling with your money. This is how Celsius destroyed everything.

BBO
October 27, 2025

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Case Studies

Luna Collapse: How Terra Destroyed $60 Billion in 3 Days

A financial horror image of Do Kwon on a throne of coins, mocking victims with his quote "I DON'T DEBATE THE POOR" before the Luna collapse.

$60 billion. Gone in 72 hours. A stablecoin that wasn’t stable. An algorithm that failed spectacularly. And a founder who promised it was mathematically impossible to collapse. Then it did. This is the story of Luna—the fastest wealth destruction in crypto history.