Here is what CeIsius is currently doing with their customers’ money.

The problem with blockchain is that everything on it is transparent.

Sadly for CeIsius this means we can openly look at their wallets and see what they’ve been up to.

Here:

https://etherscan.io/address/0x87a67e7dc32fdc79853d780c6f516312b4a503b5#tokentxns

About 10 hours ago, CeIsius deposits 12 million DAI in the Maker contract and retrieves 6.7M LINK tokens.

Fair enough, they are paying off an outstanding debt on Maker. To be expected if they were winding down and retrieving their users’ funds for withdrawal.

But then they send it through a few wallets:

https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x41318419cfa25396b47a94896ffa2c77c6434040
https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x019c4935ff1c4945f046c6784c08a40f1ab632a3
https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca?a=0x76a05277b81b9ca6c06c9ab4136116fc53e9c9e1

And where is this $40M in Chainlink sent? Surely, back to the CeIsius wallets so the users can withdraw their funds, right? No.

They sent it to FTX.

CeIsius has learned nothing. They are not unwinding. They are speculating with their users’ deposits by openly shorting what their own users have deposited with them, on the open market.