Skip to main content

CELSIUS – HOW THE CRYPTO LENDER OVERHEATED

 


The highlight of the crypto lender

Interest income platform Celsius Network has frozen withdrawals after deploying a variety of failed decentralized finance (DeFi) strategies.


It suffered a string of heavy losses, including more than 38,000 ETH in a Stakehound-related bug, followed by a $22 million loss related to the Badger DAO hack.


Customers now fear they will never be able to access their funds locked at Celsius again.


The cryptocurrency market, already hurt by LUNA's collapse last month, lost $180 billion in market cap on the announcement of Celsius, and major exchanges have already announced a number of job cuts.


Celsius crypto lenders

DeFi Disasters

In June 2021, Ethereum operations service Stakehound announced that it had “misplaced” private keys for over 38,000 ETH. On-chain data provided by Nansen suggests that Celsius has lost at least 35,000 ETH as a result and is left with the now worthless Stakehound ETH tokens.


Celsius did not notify its customers of this loss; instead, CEO Mashinsky was seen in a livestream shortly afterward holding a skateboard with the words "hodl," a well-known crypto slang meaning "don't panic sell."


Mashinsky said verbatim

The way to becoming a millionaire or becoming a whale is to hodle.

The future of Celsius and its investors remains uncertain. While the company has remained relatively quiet on social media, data on the trading chain shows that it is actively juggling funds and credit with market makers and DeFi protocols to ensure it is not liquidated with leveraged positions. On Thursday, Texas and four other US states announced investigations into Celsius' move to freeze withdrawals were underway.


In recent weeks, the company has upgraded its risk disclosures amid regulatory uncertainty. Also, it has restricted access to its Earn product to accredited investors.


In the official update detailing the reasons behind the cessation of activity on the platform, Celsius said the move was necessary to ensure the company can meet its payout obligations.


Here it says : Our number one goal is to stabilize liquidity and restore withdrawals, transfers and swaps (crypto-to-crypto trades) between accounts as quickly as possible. There is still a lot of work to do as we consider different options and this process will take some time.

One thing is certain: the crime story about Celsius will continue to be exciting.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne
Post a Comment
Read more