Celsius Halts Bitcoin Withdrawals: What Went Wrong?
A deep look into Celsius network's design and the events of recent weeks with its yield-generating strategies that culminated in a halt of bitcoin withdrawals. The below is a free, full excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.The purpose of this issue will be twofold:The first will be an in-depth look at the Celsius platform, and breakdown the design of the business/ecosystem to understand what went....
Related News
Celsius, a crypto lending firm, froze their withdrawals on Sunday and now has hired restructuring attorneys from a law firm in order to get assistance about the current financial condition. Citing “extreme market conditions”, Celsius had taken the decision to pause withdrawals along with ceasing the option of transferring products. The lawyers are expected to […]
The embattled crypto lending platform Celsius has kept withdrawals and transfers frozen since June 12 and told the Celsius Network community that the “process will take time.” Since then, Celsius users are wondering why they are still receiving weekly rewards, and reportedly the company’s management has been arguing with its lawyers over whether or not the business should file for Chapter 11 bankruptcy. However, most of the Celsius articles these days are quoting ‘people familiar with the matter,’ and ultimately these sources cannot be verified. Celsius....
Celsius has announced that it has paused all withdrawals on its platform from the early hours of Monday. The lending platform which is used by more than 1.7 million people in the crypto space made this announcement following the recent bloodbath. Celsius’ decision to do this has naturally been received badly by its user base […]
Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13, is looking to release roughly $50 million worth of crypto assets to Celsius custody account holders. Reportedly, the Celsius custody accounts did not participate in the earn and borrow program. A court hearing concerning the matter of relief will take place on October 6.
Celsius Files Debtors’ Motion to ‘Reopen Withdrawals for Certain Customers’
Court documents show that Celsius is looking to release roughly $50 million in funds to select customers. The....
The digital currency exchange Okex disabled cryptocurrency withdrawals on Friday morning and explained that funds were “safe and not affected.” Following the withdrawal announcement, regional reports claim that Okex’s founder Mingxing “Star” Xu was taken away by the police. On Friday morning (ET) a local report from the publication Caixin detailed that the founder of Okex, Mingxing “Star” Xu, was taken away by the police. Hours before the Caixin published the report, Okex’s official Twitter account announced pausing withdrawals on the....