--- title: "The Crypto Crash: Terra, Luna and Celsius | Martin Wichmann and Rami Kurimo | Negotiator 144" titleOriginal: "Kryptoromahdus Terra-Luna-Celsius | Martin Wichmann Rami Kurimo | Neuvottelija 144" episodeNumber: "144" guest: "Martin Wichmann, Rami Kurimo" datePublished: 2022-07-03 duration: "59:21" youtube: "https://www.youtube.com/watch?v=n1v1ZbAwrVQ" originalLanguage: "fi" topics: ["investing_markets","ai_enterprise_tech"] subtitleMethod: "none" provenance: "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. No chapter marks are published here: the publisher's list holds only two marks, at 0:00 and 1:15, and it is a split of the show-note text rather than a chapter list, so republishing it would assert timestamps that do not hold. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The guests make a programme about blockchain and hold crypto assets; nothing here is investment advice, and the episode was recorded in July 2022, before the further failures that autumn — several entities discussed as solvent did not stay so." fiCanonical: "https://www.neuvottelija.fi/fi/episodes/198-kryptoromahdus-terra-luna-celsius-martin-wichmann-rami-kurim" canonical: https://www.neuvottelija.com/podcast/episodes/ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo/ --- # The Crypto Crash: Terra, Luna and Celsius | Martin Wichmann and Rami Kurimo | Negotiator 144 English subtitles are not available on this page. This is an episode summary, not a curated transcript. ## Summary Crypto markets have fallen sixty to ninety per cent from their peaks, Bitcoin has slid from seventy thousand towards twenty and Ethereum has lost around eighty per cent of its value. Martin Wichmann and Rami Kurimo of the Lohkoketjupodi programme dissect the anatomy of the spring 2022 crash: why the algorithmic stablecoin Terra UST went literally to zero, why Celsius froze its customers' withdrawals, and how veterans such as Three Arrows Capital burned through billions. The conversation also asks why decentralised protocols like Aave came through the same stress test intact. ## Zero is not a broken peg Stablecoins lose their peg routinely and recover. Terra UST did not lose its peg; it went to zero, because the mechanism holding the peg was a promise to mint more of a token whose value depended on the peg holding. That circularity is the design flaw, and it is why the case generalises to every algorithmic stablecoin rather than only to this one. ## A run without a backstop Celsius offered a yield on deposits and paid it by lending them out. That is banking, and when confidence went it suffered a run — but without deposit insurance or a lender of last resort, the only available move was to stop customers leaving. ## Why Aave held The protocols that survived were the ones whose liquidation rules were written down and executed automatically. The ones that failed had a human deciding when to enforce, and deferred. Stated that way the lesson is about discretion under stress rather than about blockchains. ## Watch The recording lives on the Neuvottelija channel: [Kryptoromahdus Terra-Luna-Celsius | Martin Wichmann Rami Kurimo | Neuvottelija 144](https://www.youtube.com/watch?v=n1v1ZbAwrVQ). A Finnish edition of this episode is published at [www.neuvottelija.fi](https://www.neuvottelija.fi/fi/episodes/198-kryptoromahdus-terra-luna-celsius-martin-wichmann-rami-kurim). ## In depth The Neuvottelija AI editions carry a long-form write-up of this episode: [English](https://www.neuvottelija.com/ai/ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo/) · [suomeksi](https://www.neuvottelija.fi/economy/ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo/). ## Explore the ideas in depth - [Enterprise AI Agents: Economics, Governance and the Shift From Tools to Workers](https://www.neuvottelija.com/guides/enterprise-ai-agents-economics-and-governance/): A guide to enterprise AI agents — the real cost model behind agent work, why owning your own stack is becoming a strategic question, a working governance framework with approval gates and audit trails, the agent risk matrix, the EU AI Act timeline as it stands, and who captures the productivity gains. Grounded in a real multi-agent lab, two 2026 keynotes, and Neuvottelija conversations. - [Nordic SaaS Valuation & M&A: How AI Reprices Software Companies](https://www.neuvottelija.com/guides/nordic-saas-valuation-and-ma/): How software companies in the Nordics are valued and sold as AI moves inference into the cost of goods sold — where multiples stand in mid-2026, the metrics that get repriced, why vertical SaaS defends its premium, AI due diligence, and the shift from seats to outcomes. Grounded in Translink's SaaS valuation work and Neuvottelija conversations. --- Cite as: Sami Miettinen, Neuvottelija — The Crypto Crash: Terra, Luna and Celsius | Martin Wichmann and Rami Kurimo | Negotiator 144, https://www.neuvottelija.com/podcast/episodes/ep144-kryptoromahdus-terra-luna-celsius-wichmann-kurimo/, 2022-07-03. For quotes include episode 144 and timestamp.