{"id":537,"date":"2026-02-10T10:00:00","date_gmt":"2026-02-10T09:00:00","guid":{"rendered":"https:\/\/kriptoblog.hu\/?p=537"},"modified":"2026-03-02T14:13:58","modified_gmt":"2026-03-02T13:13:58","slug":"cefi-hitelezes-bukasa-ujjaszuletese","status":"publish","type":"post","link":"https:\/\/kriptoblog.hu\/en\/cefi-hitelezes-bukasa-ujjaszuletese\/","title":{"rendered":"The Fall and Rebirth of CeFi Lending"},"content":{"rendered":"

The Fall of CeFi Lending<\/h2>\n

In 2022, the collapse of centralized crypto lenders (CeFi lenders<\/strong>) was one of the most painful chapters in crypto history. Celsius, BlockFi, Voyager Digital, Genesis<\/strong> \u2013 all went bankrupt, with billions in investor funds. Now, in 2026, the segment is reforming. But what have we learned?<\/p>\n

How Did CeFi Lending Work?<\/h2>\n

The promise was simple:<\/p>\n

    \n
  1. Deposit your crypto on the platform<\/li>\n
  2. Get 10-20% annual returns<\/strong><\/li>\n
  3. The platform lends your assets to traders, institutions, and pays the yield from the interest spread<\/li>\n<\/ol>\n

    The reality is much riskier<\/strong> .<\/p>\n

    The Chronology of the Collapse<\/h2>\n

    Terra\/Luna Collapse (May 2022)<\/h3>\n

    A $40 billion<\/strong> Terra\/Luna ecosystem collapse was the first domino:<\/p>\n

      \n
    • The UST algorithmic stablecoin lost its peg<\/li>\n
    • LUNA token value fell to zero<\/li>\n
    • Many CeFi lenders had invested in Terra \u2013 suffering massive losses<\/li>\n<\/ul>\n

      Three Arrows Capital (3AC) \u2013 June 2022<\/h3>\n
        \n
      • One of the largest crypto hedge funds went bankrupt<\/li>\n
      • $3.5 billion<\/strong> in debt \u2013 borrowed from CeFi lenders<\/li>\n
      • The founders (Su Zhu, Kyle Davies) initially fled, then were arrested<\/li>\n<\/ul>\n

        Celsius \u2013 June 2022<\/h3>\n
          \n
        • Suspended withdrawals<\/strong> \u2013 $4.7 billion in customer assets locked<\/li>\n
        • CEO Alex Mashinsky faces fraud charges in court<\/li>\n
        • It emerged: customer assets were used in risky DeFi strategies and unsecured loans<\/li>\n<\/ul>\n

          Voyager Digital \u2013 July 2022<\/h3>\n
            \n
          • Filed for bankruptcy protection due to 3AC exposure<\/li>\n
          • $650+ million in customer assets locked<\/li>\n<\/ul>\n

            BlockFi \u2013 November 2022<\/h3>\n
              \n
            • Went bankrupt alongside the FTX collapse<\/li>\n
            • Previously \"rescued\" by FTX \u2013 but this proved to be a trap<\/li>\n<\/ul>\n

              Genesis\/DCG \u2013 January 2023<\/h3>\n
                \n
              • The lending arm of Digital Currency Group (Grayscale's parent company) went bankrupt<\/li>\n
              • $3+ billion in debt<\/li>\n
              • Gemini Earn users were also affected<\/li>\n<\/ul>\n

                What Went Wrong?<\/h2>\n
                  \n
                • Non-segregated assets:<\/strong> The platform could freely use customers' crypto \u2013 it wasn't ring-fenced<\/li>\n
                • Unsecured lending:<\/strong> Platforms lent to institutions (3AC, Alameda) without collateral<\/li>\n
                • Maturity transformation:<\/strong> Short-term deposits funded long-term positions \u2013 exactly like in traditional banking crises<\/li>\n
                • Hidden risk-taking:<\/strong> Customers didn't know where the platform was investing their assets<\/li>\n
                • No deposit insurance:<\/strong> Traditional bank deposits are insured by OBA (in Hungary) or FDIC (USA) \u2013 CeFi has no such protection<\/li>\n<\/ul>\n

                  Bankruptcy Proceedings Outcomes<\/h2>\n
                    \n
                  • Celsius:<\/strong> Bankruptcy proceedings concluded in 2024, customers received ~70-80% of their assets (at bankruptcy-time prices)<\/li>\n
                  • Voyager:<\/strong> Partial payout, after the failed Binance.US acquisition<\/li>\n
                  • BlockFi:<\/strong> Some customers are being compensated through the FTX bankruptcy proceedings<\/li>\n
                  • Genesis:<\/strong> Settlement with creditors, partial repayment<\/li>\n<\/ul>\n

                    The Rebirth: CeFi 2.0<\/h2>\n

                    After the collapse, surviving and new players take a different approach:<\/p>\n

                      \n
                    • Proof of Reserves:<\/strong> Regular, audited reserve verification<\/li>\n
                    • Segregated assets:<\/strong> Customer assets must be held separately<\/li>\n
                    • Transparent risk management:<\/strong> Investment strategies are public<\/li>\n
                    • Regulatory compliance:<\/strong> Compliance with MiCA and other frameworks<\/li>\n
                    • Lower yields:<\/strong> The \"too good to be true\" 20% APYs are gone \u2013 sustainable yield is around 3-8%<\/li>\n<\/ul>\n

                      In Conclusion<\/h2>\n

                      The CeFi lending crisis was the crypto world's own \"2008 financial crisis\"<\/strong> . The collapse was painful but necessary: it weeded out irresponsible players and accelerated regulation.<\/p>\n

                      If someone promises 15-20% \"risk-free\" returns on your crypto, the question isn't how much you can earn \u2013 but where the hidden risk is. Because there always is one.<\/em><\/p>\n

                      \u26a0\ufe0f Legal disclaimer:<\/strong> This article is for informational purposes only and does not constitute investment advice. All investment decisions are made at your own risk.<\/p>\n

                      <\/p>","protected":false},"excerpt":{"rendered":"

                      A CeFi hitelez\u00e9s buk\u00e1sa 2022-ben a centraliz\u00e1lt kripto hitelez\u0151k (CeFi lenders) \u00f6sszeoml\u00e1sa volt az egyik legf\u00e1jdalmasabb fejezet a kript\u00f3 t\u00f6rt\u00e9nelemben. Celsius, BlockFi, Voyager Digital, Genesis \u2013 mind cs\u0151dbe mentek, befektet\u0151k milli\u00e1rdjaival. Most, 2026-ban, a szegmens \u00fajra form\u00e1l\u00f3dik. De mit tanultunk? Hogyan m\u0171k\u00f6d\u00f6tt a CeFi hitelez\u00e9s? Az \u00edg\u00e9ret egyszer\u0171 volt: Helyezd el a kript\u00f3dat a platformon […]<\/p>\n","protected":false},"author":1,"featured_media":584,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,1,12],"tags":[149,137,158,161,153,58,151,136,143,129],"class_list":["post-537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hirek","category-kereskedes","category-tozsde","tag-binance","tag-defi","tag-europa","tag-ftx","tag-mica","tag-scram","tag-stablecoin","tag-szabalyozas","tag-token","tag-usa"],"_links":{"self":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/comments?post=537"}],"version-history":[{"count":1,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/537\/revisions"}],"predecessor-version":[{"id":585,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/537\/revisions\/585"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/media\/584"}],"wp:attachment":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/media?parent=537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/categories?post=537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/tags?post=537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}