The Bank Run. Celsius, offering 18% yields on deposits, is facing a liquidity crisis. They have frozen billions in user assets. The contagion is spreading to Three Arrows Capital (3AC) and BlockFi.
De-Pegging: The collapse of Terra/Luna just a month ago destroyed $40B in value. Now, the centralized lenders are falling dominoes. The 'stETH' peg is under pressure.
The Purge: This is the 2008 moment for Crypto. Leverage is being flushed out violently. 'Not your keys, not your coins' is the painful lesson being learned by millions.