Even though the firm has stopped all withdrawals and transfers since June 13, the much-discussed cryptocurrency loan platform Celsius is still promoting itself with its incentive programmes that provide annual percentage yields (APY) of up to 18.63 percent.
Useless Reward Made Investors Unhappy
People who received rewards are irritated about it because they cannot utilise the money they invested, and obtaining rewards they cannot use has just made them more furious. On social media, Celsius users are vehemently debating the question of where the incentive is coming from if Celsius can't afford the withdrawal.
Potential Motive for the Reward is Clemency
This reward procedure is said to be the result of a court case, as the court may assist a bankrupt corporation in restructuring debts and liabilities under Chapter 11 bankruptcy, if it continues to operate. Celsius is attempting to demonstrate that its customer accounts are active in "HODL mode" for this reason. However, the fact is that this is a very risky attempt, the court might release Mashinsky because he is of Ukrainian descent.
Is Plan B Prepared (to flee)?
Celsius CEO Alex Mashinsky is Ukrainian born American businessman with Israeli citizenship. According to some unconfirmed claims, Alex is thought to have attempted to flee the United States last week from Morristown Airport in New Jersey, but the attempt was thwarted by airport authorities. Despite Celsius' denial on the claim, the public's faith in Mashinsky has now diminished.