Celsius "was" a "swaps" platform.
Where, roughly, the blockchain owner would swap ownership of said "coin" for 18% interest,known as the "fixed" part of a swap, in exchange for use of the "coin", the variable return part of the swap, per normal.
So, that leads to two questions, of which I have only one part answered, half of the 18% was purportedly negotiated by hedge funds, so that's 9%, nominally. That leaves some "fun" room. How much leverage was used to get to the other 9%, nominal?
And was any of it, at any step of the way, rehypothecated?
The Corzine Rule applies here, especially. So it ain't over til the Corzine Rule exhausts itself. (ALL margin losses are covered. ALL. Of. Them.)