The Human Impact of Cryptocurrency Mining

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crypto lender Celsius has paused with draw swaps and transfers on its platform, fueling a broader sell-off already taking place in digital assets. QADAM also discovered that Celsius was pouring cash into a Bitcoin mining business. A lot of Celsius customers were unsophisticated investors who say they didn't have a deep understanding of the risks they were taking. The bankruptcy judge approved the government's request to appoint an independent investigator.

Markets are increasingly betting on policymakers raising borrowing costs higher and faster, an FT-IGM survey shows economists expect the US central bank will lift its benchmark policy rate above 4 per cent and hold it there beyond 2023, and the market downturn has sparked the longest tech IPO drought in more than 20 years. Plus, the FT’s Kadhim Shubber talks about his investigation into the fall of high flying cryptocurrency lender Celsius Network.

Mentioned in this podcast:

Central banks set to hit peak rates higher at faster pace

Fed to keep interest rates above 4% beyond 2023, economists predict

Market downturn brings longest tech IPO drought in decades

Inside Celsius: How one of crypto’s biggest lenders ground to a halt

Alex Mashinsky took control of Celsius trading strategy months before bankruptcy

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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