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Celsius falls apart and the way he does it isn't going to help anything. With a market capitalization of approximately 1000M before the crash and is in theory a centralized lending platform, the house of cards has collapsed.
As is understandable, the funds that people leave in exchange for interest are invested to pay that interest. But very serious mistakes have been made in those movements.
35,000 Ethereum are lost in May 2021. The truth is that they can be accused of not being very transparent, but it was StackHound who mishandled the keys. Still, now the problem is in the Celsius roof.
They lost $51 Million in the BadgerDao hack.
They have 288,000 Ethereum in an Ethereum 2.0 contract, something that should not be negative either, but it is an important figure. If you are paying 6% interest to whoever left that Ether on your platform, it is also a good amount to play while the merge doesn't succeed.
It is also rumored that they are trying to finance their mining operations with a financing round, which would be a terrible decision in these market conditions.
They have borrowed $90 million in the last 30 days claiming to borrow when interest is low and lend when interest is high.
Given the accusations, they have not come out to give many explanations, but what is a fact at 5:28 a.m. UTC is that CEL is on the canvas and the referee is counting.
And guess what...They are blocking withdrawals
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