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07:07 PM

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Subject Celsius Pauses Withdraws

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[quote:Anonymous Coward 82987544:MV81MTU5NTgyXzk0NzYwMjU0XzVDODIwNjlE]
[quote:BroDude:MV81MTU5NTgyXzk0NzU5OTgzXzQxQjUzN0M4]
[quote:Chinaman:MV81MTU5NTgyXzk0NzU5ODQ1XzVBMUI3QzY=]
[quote:BroDude:MV81MTU5NTgyXzk0NzU5ODE3Xzk2RDgyMkFG]
[quote:Anonymous Coward 81799072:MV81MTU5NTgyXzk0NzU5NzQ4XzcwNEM4QzQ2]
So Celcius pays customers up to 18% interest to deposit their Bitcoins in their “bank.”    Since only about 3% or less can be returned as true interest on this “money” the other 15% they must have built in as projected gains that they would make on price appreciation.  Or else where would it come from?

If the price of Bitcoin tumbles, the strategy falls apart and everyone loses everything.

Got it.
[/quote]

It's a Ponzi.

It was discovered a week ago that Celsius borrowed 300+ million to support customer withdraws.  And rumored they lost private keys to $1/2 billion worth of crypto and it's totally unrecoverable.
[/quote]

That's why Peter Schift says that all Cryptos are Ponzi schemes and that they will all be worth ZERO eventually.  Prove him wrong.  So far, he's right.  Look at Luna.
[/quote]

Bitcoin is extremely liquid, more liquid that most publicly traded companies.

In 2009 you could have bought 1,000 bitcoin for $100.

Today, you could cash that out for $25 million.

It's a no brainer, it's the fastest growing asset in the history of man kind.

People like Peter are butt hurt they missed the boat, no point fighting a broken man.
[/quote]

he said "ASSet", Beavis, heh heh.

.
[/quote]

Original Message We are writing with a very important message for our community.

Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets. Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.

We understand that this news is difficult, but we believe that our decision to pause withdrawals, Swap, and transfers between accounts is the most responsible action we can take to protect our community. We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays.

We thank the incredible Celsius community for your support today. It is our pleasure to serve you. Our operations continue and we will continue to share information with the community as it becomes available.

Sincerely,

The Celsius team

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