Did You Lose You Crypto With Celsius Network?

[Jasmine]

Celsius Network that prided as a crypto bank offering interest on crypto deposits and crypto loan has gone bankrupt and now has filed for bankruptcy. According the the company’s statement the reason for their loss is because they used Bitcoin as a collateral and bitcoin price fell drastically.

However, industry experts point something different. The say company tried to promote its native token CEL through price manipulation, which is the prime reason why the company went through a huge loss. The analysts also believe that Celsius Network, in order to attract users, on its platform was offering unrealistic interest rates on the deposits.

By filling the bankruptcy, Celsius has reduced its $820 million debt to just 13 cents. Who is going to be at loss? The answer is obvious, the users who had deposits on the platform. Weeks prior to filing for Bankruptcy, Celsius had already stopped withdrawal. Does anyone benefit when Celsius collapses? The promoters and owners will benefit a lot. That’s how businesses are run.

 

[Mika]

I reviewed Celsius Network on Trendri (sadly, the moderators locked my topic and fined me for what they said “title does not match with the description).

Now back to the topic. It is really difficult to say whether the downfall of Celsius Network is because of its mismanagement (the former employer has sued the company for this reason) or tactical strategies to promote its native coin and risk its other assets. However, we all need to agree on this point that this would have never happened had there been no bear run for too long. It has been more than 7 months since the bearish run has continued. Thankfully, I never used Celsius Network. I was using Nexo, a similar service, therefore, took no interest to join Celsius Network. I was using Nexo for a long time but I withdrew my entire assets in the beginning of the bearish market. I was earning interest on my crypto deposits but I thought staking would be a safer option, therefore, I moved funds to Binance.