Bitcoin was trading at roughly $22,600 as of midday Monday, down more than 17% in the past day. Ethereum, another widely-followed cryptocurrency, was down more than 20%.On Sunday, the lending platform Celsius announced that it was pausing all withdrawals and transfers between accounts in order to “honor, over time, withdrawal obligations.” Celsius, with roughly 1.7 million customers, gave no indication in its announcement when it would allow users to access their funds.
“There is a lot of work ahead as we consider various options, this process will take time, and there may be delays,” it said. Celsius is one of the bigger cryptocurrency lending platforms, with more than $11 billion in customer assets. In exchange for customers’ deposits, the company gives out extremely generous yields, upwards of 19% on some accounts. These lending platforms have come under scrutiny recently because they offer yields that normal markets could not support, and critics have called them effectively Ponzi schemes.
Terra, and its token Luna, offered similar yields on customer deposits. Those tokens collapsed after huge customer withdrawals forced Terra’s operators to liquidate all of the assets being used to support their currencies. The collapse of Terra has spurred calls for reform from the cryptocurrency industry, and calls for Congressional regulation.
Are ghost money profits disappearing?
Bitcoin is falling into BITS.
I cannot withdrawal my money this is theft …
That reminds me I gotta check on my pets dot com stock
zeddevpython?
Drop like a stone!
You mean to tell me all those high school kids giving crypto advice were wrong? It’s Joe Kennedy and the shoe shine boy all over again …
It's Celsius that stopped trading savedyouaclick
Good time to buy then.
Crypto is such a scam
I am a zookeeper in chicago and I regularly feed the hippos day old sausages so they have a taste of their home. I put strings on the sausages and swing them around the hippos they get so mad at me and scream but it's an obsession sometimes the hippos try and break out
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Celsius halts withdrawals as pressure mounts on crypto lending platform\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT. Greed. Greed. Greed. When all is said and done there should be a criminal investigation into Celsius and others like it. Outright scams imo. .Mashinsky please let us know what’s going on here
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