How Crypto Lender Celsius Overheated

„On the one hand, there is smart contract risk, there is protocol risk,“ said Alex Thorn, head of firmwide research at Galaxy Digital, a crypto investment bank. „Also, lending in DeFi exposes you significantly to volatile market moves, whereas lending to a creditworthy institutional borrower is significantly different. [The risk] isn’t the same as relying on crypto market prices to sustain or grow.“