This Crypto Giant Could COLLAPSE & Take Crypto With It..
Welcome back to Business Spot, today on the channel we are going to talk about the Crypto giant with 1.7m users on brink of collapse + other related news. A cryptocurrency lending platform that boasts 1.7 million users could be on the brink of collapse. The Celsius Network pays interest on cryptocurrency deposits, loans them out and also sells its own token, CEL, but it froze all activities in mid-June after a particularly rough week for cryptocurrency. Celsius, a UK-based company, has reportedly laid off 150 staff and owes around US$80 million to creditors, sparking fears that it is on its last legs. As the price of bitcoin plunged in June amid a mass sell-off prompted by concerns of an impending financial crisis, the crypto loan giant found itself unable to cough up money to pay back its debts.
Celsius relied mostly on bitcoin to stake its fortune so after the crypto token plunged drastically last month the lender was suddenly struggling also. It took the unprecedented step of pausing all withdrawals on its platform, and three weeks later they are still on pause. In the last five days, Celsius has scraped together a whopping US$142.8 million to pay off debts but still reportedly owes another US$82 million to a creditor called Maker, which sells stablecoins. The firm has lost $667.2 million so far from the crypto bear run, according to CoinTelegraph. On June 14, bitcoin slid by 15 per cent and ethereum dropped by 16 per cent, reaching at the time a two-year low. The Celsius Network immediately paused all withdrawals because of “extreme market conditions” and to date has not reinstated the ability to withdraw funds. Alex Mashinsky, the founder and CEO of Celsius, tweeted two days later that the Celsius Network “is working non-stop” to resolve the issues.
#CryptoGiantOnBrinkOfCollapse #CelciusNetwork #Cryptocurrency
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