Celsius discharges these coins before deciding: CEL crashed!

Celsius discharges these coins before deciding: CEL crashed!

Weeks after the collapse of Terra, the crypto market is yet to recover from the shock. Now another ecosystem seems to be struggling. Investors are concerned that the Celsius network could go the Terra route. Celsius Network, which created the CEL token, has halted all transfers, withdrawals, and trading on its network. Here are the details…

Those behind Celsius have transferred ETH and BTC to FTX

In a post on its blog, the company said that account operations have been suspended since it was unfavorable market conditions. . According to the project, all withdrawals, exchanges and transfers have been suspended. He also sent emails to clients. He said the action was aimed at protecting his customers’ funds as he found a way to fix the problem. However, investors are still rewarded for their investments. While Celsius has prevented investors from withdrawing or trading their holdings, reports have surfaced that the company is transferring large amounts of ETH to exchanges such as FTX. Wu Blockchain used the following statements.

Celsius has transferred about 104,000 ETH to FTX in the last three days, about 50,000 ETH today, 12,000 ETH yesterday and 42,000 ETH the day before yesterday. Also, Celsius transferred approximately 9,500 WBTC to FTX today.

The value of the above transfers is approximately $320 million. As we reported as Kriptokoin.com, the company has been making transfers for the past few days. Did you predict the collapse? In the case of Terra (LUNA), the company involved, TFL, is said to have transferred funds to secret accounts months before Terra collapsed. Because of this, Celsius’ transfer of thousands of ETH to FTX is not welcomed by many people.

Celsius says they are protecting users

Celsius, on the other hand, claims it is doing everything it can to protect investors and find a way out of the impasse. Time will tell what’s going on. Celsius uses the following statements:

While we take steps to protect assets, we take those necessary steps for the benefit of our entire community to stabilize liquidity and operations. In line with our commitment to our customers, customers will continue to earn rewards during the pause.

CEL price falls

Meanwhile, CEL price falls sharply. The token has lost more than 53 percent of its value in the past 24 hours. It now appears to have fallen from $0.49 to $0.19 the day before. The market cap also fell nearly 48 percent, hitting its lowest point at $137.8 million. The current price is a far cry from $8.02, which was CEL’s ATH on June 3, 2021, just a year ago , was. It now registers a disadvantage of 97.5 percent.

Celsius has been one of the highest yielding tokens on the market, offering a return on investment (ROI) of up to 30 percent. Experts attributed these extremely high returns to the collapse of Terra, which had bid up to 20 percent. A few days ago, however, Celsius downplayed the impact of the high yield, saying it had redesigned its operating procedures to avoid the pitfalls Terra faced.

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