The Crisis at Celsius Is Rocking DeFi and Crypto

[Markuri33]

The company froze withdrawals in what looks like an effort to stop a virtual bank run. Now boosters are wondering where the bottom is.Celsius Network amassed more than $20 billion in assets with a pitch that seemed to defy the basic physics of finance. Deposit crypto coins and earn interest rates as high as 18%, tens or hundreds of times the rates on traditional savings accounts. “When you look at what the banks pay, you say to yourself, ‘Somebody is lying. Either the bank is lying or Celsius is lying,’” co-founder Alex Mashinsky said in an interview last year.more

[mohdelayo]

It is so unfriendly of Celsius to perpetuate such an act with global customers that have a deep trust in their financial technology. This did not trend anywhere in the media, perhaps it's something they can curtail in a matter of short moment. Just out of curiosity, are you a victim of their closure?