Celsius Network froze withdrawals for over a million users on June 12, 2022, without warning.
Celsius had spent years marketing itself as safer than a bank, offering yields regular banks couldn't match, while quietly taking on risk most depositors never saw. On July 13, 2022, it filed for Chapter 11 bankruptcy.
People who thought they were simply earning interest found out they had handed their coins to a lender making its own bets with them. Billions in customer deposits got stuck in proceedings that dragged on for years.
Yield itself wasn't the problem. A return you can't explain in one sentence is usually the real risk, and almost nobody stopped to ask Celsius to explain theirs.
Bitcoin sits at $84,558 today. Plenty of platforms still promise yields nobody fully explains.
Did you have funds on Celsius when it froze?
Personal view, not advice. Do your own research.
#Crypto #Celsius
Celsius had spent years marketing itself as safer than a bank, offering yields regular banks couldn't match, while quietly taking on risk most depositors never saw. On July 13, 2022, it filed for Chapter 11 bankruptcy.
People who thought they were simply earning interest found out they had handed their coins to a lender making its own bets with them. Billions in customer deposits got stuck in proceedings that dragged on for years.
Yield itself wasn't the problem. A return you can't explain in one sentence is usually the real risk, and almost nobody stopped to ask Celsius to explain theirs.
Bitcoin sits at $84,558 today. Plenty of platforms still promise yields nobody fully explains.
Did you have funds on Celsius when it froze?
Personal view, not advice. Do your own research.
#Crypto #Celsius