Before FTX became synonymous with cryptocurrency fraud, crypto lender Celsius Network put the entire asset class on notice when it paused withdrawals in June 2022, citing extreme market conditions.

The next month, the company filed for bankruptcy, owing $4.7 billion to users who deposited tokens on the basis that Celsius worked much like a traditional bank. Instead, a court-appointed examiner found that insiders were pulling money out as they used customer funds to cover shortfalls that became insurmountable when the Federal Reserve raised interest rates in May 2022, thanks to Celsius’ undercollateralized loan portfolio.