Crypto Celsius CRASH: DEFAULT POSSIBLE
The Celcius Network rated itself very highly:
Buy, swap, earn, borrow and send crypto – all in one app, with zero fees.
Garnered circa US$12bn in customer assets. From 1.7 million users.
Photo: Twitter
One of the largest crypto lenders, Celsius Network, told users it is pausing all withdrawals, swaps, and transfers between accounts due to “extreme market conditions.” Celsius has (had) $12BN in customer assets across 1.7 million users.
.@CelsiusNetwork is pausing all withdrawals, Swap, and transfers between accounts. Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community. More here: https://t.co/CvjORUICs2
— Celsius (@CelsiusNetwork) June 13, 2022
Celsius reportedly transferred $320,000,000 worth of crypto to FTX, before announcing they would halt all trading and withdrawals on the platform. One lesson of Terra, Celsius and synthetix is that developers are not equipped to deal with the traditional finance systems with code alone.
Celsius withholding withdrawals is a massive blow to “Crypto”.