On June 12, 2022, Alex Mashinsky, founder of crypto lender Celsius, made an urgent plea for help. As the price of bitcoin crashed, panicked customers were rushing to withdraw billions of dollars’ worth of crypto from their Celsius accounts. But after a series of bad investments, the company no longer had the funds to pay up and now found itself on the brink of collapse.
For aid, Mashinksy turned to Giancarlo Devasini, CFO at Tether. The stablecoin company had extended loans worth around $800 million to Celsius; Mashinksy was asking for further assistance. The pair agreed to speak at 9 am the following morning.
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