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Celsius Pauses Withdraws

 
Anonymous Coward
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06/12/2022 10:41 PM
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Celsius Pauses Withdraws
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
Anonymous Coward (OP)
User ID: 80573266
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06/12/2022 10:46 PM
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Re: Celsius Pauses Withdraws
BTC 25780
Anonymous Coward
User ID: 81799072
06/12/2022 10:53 PM
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Re: Celsius Pauses Withdraws
CMC Crypto 200 index down 18% since 10 a.m
Anonymous Coward
User ID: 81810667
United Kingdom
06/12/2022 10:55 PM
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Re: Celsius Pauses Withdraws
sounds like they are bankrupt or totally defunct

not sure what you call crypto when it goes belly up
hankie
Everything

User ID: 80628258
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06/12/2022 11:06 PM

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Re: Celsius Pauses Withdraws
sounds like they are bankrupt or totally defunct

not sure what you call crypto when it goes belly up
 Quoting: Anonymous Coward 81810667


On the internet and lost, gone not going to be trusted anymore type thing.
Sorry I got a headache

These are the times that tries men's and
women's souls!

May we come though it victorious!
Anonymous Coward
User ID: 81727773
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06/12/2022 11:07 PM
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Re: Celsius Pauses Withdraws
Shame. The blood orange was pretty good.
Anonymous Coward (OP)
User ID: 80573266
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06/12/2022 11:09 PM
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Re: Celsius Pauses Withdraws
Looks like a rugpull
Anonymous Coward
User ID: 80234245
06/12/2022 11:12 PM
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Re: Celsius Pauses Withdraws
popcorn
Anonymous Coward
User ID: 67281438
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06/13/2022 12:12 AM
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Re: Celsius Pauses Withdraws
Bad sign for defi.
TerraFirma's Esoterrorist

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06/13/2022 12:22 AM
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Re: Celsius Pauses Withdraws
"The Mashinsky Moment": Celsius Pauses All Withdrawals

[link to www.zerohedge.com (secure)]
"Keep a weather eye to the chart on high and go home another way"

–James Taylor Never Die Young
BroDude

User ID: 82452937
Canada
06/13/2022 12:36 AM
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Re: Celsius Pauses Withdraws
pin

This is Terra/LUNA all over again.

CEL crypto is down 40% in a few hours on this news, down 95% year to date.

Celsius is/was a Defi lending platform. You send Celsius your crypto and it gets lent out and you earn APY, but now no one can get their crypto out of Celsius and it's looking like a giant rug pull.
Anonymous Coward
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06/13/2022 12:41 AM
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Re: Celsius Pauses Withdraws
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.
BroDude

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06/13/2022 12:48 AM
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Re: Celsius Pauses Withdraws
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.
 Quoting: Anonymous Coward 81799072


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.
Chinaman

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06/13/2022 12:50 AM
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Re: Celsius Pauses Withdraws
The Ascent -- Cryptocurrency

Celsius Review: Excellent DeFi Lending, Loaning, and Staking Services With Limited Crypto Trading
by: Tor Constantino

| Updated March 3, 2022

[link to www.fool.com (secure)]
Chinaman
Chinaman

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06/13/2022 12:53 AM
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Re: Celsius Pauses Withdraws
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.
 Quoting: Anonymous Coward 81799072


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.
 Quoting: BroDude


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.
Chinaman
BroDude

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06/13/2022 01:14 AM
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Re: Celsius Pauses Withdraws
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.
 Quoting: Anonymous Coward 81799072


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.
 Quoting: BroDude


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.
 Quoting: Chinaman


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.
Tangy

User ID: 23189531
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06/13/2022 01:34 AM

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Re: Celsius Pauses Withdraws
looknerd went live with it.


[link to www.youtube.com (secure)]
Anonymous Coward
User ID: 82987544
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06/13/2022 01:48 AM
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Re: Celsius Pauses Withdraws
sounds like they are bankrupt or totally defunct

not sure what you call crypto when it goes belly up
 Quoting: Anonymous Coward 81810667


they were probably running a high leverage
stealth arbitrage to generate the illusion
of 20% returns. Like Luna and Terra, I'd
write them off as dead now.

.
Anonymous Coward
User ID: 82987544
United States
06/13/2022 01:50 AM
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Re: Celsius Pauses Withdraws
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.
 Quoting: Anonymous Coward 81799072


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.
 Quoting: BroDude


those keys aren't lost. insiders lifted them because
they knew the jig was up, just like Do Kwon.

.
Anonymous Coward
User ID: 82987544
United States
06/13/2022 01:52 AM
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Re: Celsius Pauses Withdraws
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.
 Quoting: Anonymous Coward 81799072


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.
 Quoting: BroDude


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.
 Quoting: Chinaman


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.
 Quoting: BroDude



he said "ASSet", Beavis, heh heh.

.
Anonymous Coward
User ID: 82987544
United States
06/13/2022 01:57 AM
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Re: Celsius Pauses Withdraws
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.
 Quoting: Anonymous Coward 81799072


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.
 Quoting: BroDude


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.
 Quoting: Chinaman


most, yes. I wrote a stablecoin in 2018 that's
backed 1:1 with USD deposits and t-bills so it
won't go to zero, I think.

.
Anonymous Coward
User ID: 36980548
United States
06/13/2022 02:01 AM
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Re: Celsius Pauses Withdraws
Celsius paused everything to sell btc to keep up with demands of withdrawals the minor dump to 24,888 was from them getting liquid selling off btc to be able to cover most withdraws.

This is still really bad because they are selling off
clients btc to cover .For the last month people have been getting off Celsius due to rumors of this .

I feel sorry for those that wont get their withdraws
only to end up in court .They should be able to cover
95 percent but some 5 percent are fucked .
Anonymous Coward
User ID: 82987544
United States
06/13/2022 02:07 AM
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Re: Celsius Pauses Withdraws
Celsius paused everything to sell btc to keep up with demands of withdrawals the minor dump to 24,888 was from them getting liquid selling off btc to be able to cover most withdraws.

This is still really bad because they are selling off
clients btc to cover .For the last month people have been getting off Celsius due to rumors of this .

I feel sorry for those that wont get their withdraws
only to end up in court .They should be able to cover
95 percent but some 5 percent are fucked .
 Quoting: Anonymous Coward 36980548


95%?

not a chance.

they were running some sort of leverage that's been
underwater for months and borrowed $300 million
to ride it out, so that plus "missing assets"
is already almost $1 billion gone.
TerraFirma's Esoterrorist

User ID: 58851912
United States
06/13/2022 02:24 AM
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Re: Celsius Pauses Withdraws
Celsius paused everything to sell btc to keep up with demands of withdrawals the minor dump to 24,888 was from them getting liquid selling off btc to be able to cover most withdraws.

This is still really bad because they are selling off
clients btc to cover .For the last month people have been getting off Celsius due to rumors of this .

I feel sorry for those that wont get their withdraws
only to end up in court .They should be able to cover
95 percent but some 5 percent are fucked .
 Quoting: Anonymous Coward 36980548


95%?

not a chance.

they were running some sort of leverage that's been
underwater for months and borrowed $300 million
to ride it out, so that plus "missing assets"
is already almost $1 billion gone.
 Quoting: Anonymous Coward 82987544


hesright
"Keep a weather eye to the chart on high and go home another way"

–James Taylor Never Die Young
Anonymous Coward
User ID: 48256742
Canada
06/13/2022 02:50 AM
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Re: Celsius Pauses Withdraws
Anonymous Coward
User ID: 82987866
United States
06/13/2022 03:02 AM
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Re: Celsius Pauses Withdraws
Celsius paused everything to sell btc to keep up with demands of withdrawals the minor dump to 24,888 was from them getting liquid selling off btc to be able to cover most withdraws.

This is still really bad because they are selling off
clients btc to cover .For the last month people have been getting off Celsius due to rumors of this .

I feel sorry for those that wont get their withdraws
only to end up in court .They should be able to cover
95 percent but some 5 percent are fucked .
 Quoting: Anonymous Coward 36980548


95%?

not a chance.

they were running some sort of leverage that's been
underwater for months and borrowed $300 million
to ride it out, so that plus "missing assets"
is already almost $1 billion gone.
 Quoting: Anonymous Coward 82987544


hesright
 Quoting: TerraFirma's Esoterrorist


when Mt Gox unraveled, there were "missing assets"
every week as employees looted the place. I've
worked at a couple failing companies. more and more
stuff disappears as bankruptcy gets closer.

.





GLP