The Tezos co-founder believes that Celsius’ bankruptcy and other shakeouts in the industry are things that just wouldn’t have worked.
Kathleen Breitman, the co-founder of decentralized layer 1 blockchain Tezos, said the bankruptcy filing of troubled crypto lender Celsius Network is not surprising because such business models are sustainable in the long run.for voluntary Chapter 11 bankruptcy protection exactly a month after suspending users’ withdrawals and redemptions due to a liquidity crunch caused by extreme market conditions.
“For those of us who have been in this industry for quite some time, it’s completely unsurprising that something like Celsius would go bankrupt because economics has laws that transcend the word blockchain, contrary to popular beliefs,” Breitman said in a recentAccording to the Tezos co-founder, some recent events in the crypto industry were predictable, while others were less predictable.