What I got is vertical ads in the upper right and left hand columns and an ad below the article text, each of the three changing on their own to new ads after 15-20 seconds.
As I scrolled down to read the story, new ads appeared; at no time was any of the text obscured.
I never got a CAPTCHA.
Note: I'm not a techie and have NO ad blockers/VPNs/whatever on my phone, it's never been modded or anything.
A workaround for me was to request the desktop site, which actually looks the same. Then it works just like you described. Probably just a weird responsive web mobile Chrome zoom thingy.