{"id":933,"date":"2022-06-21T19:49:53","date_gmt":"2022-06-21T19:49:53","guid":{"rendered":"https:\/\/grandpascrypto.com\/?p=933"},"modified":"2022-06-21T19:49:55","modified_gmt":"2022-06-21T19:49:55","slug":"the-celsius-saga","status":"publish","type":"post","link":"https:\/\/grandpascrypto.com\/the-celsius-saga\/","title":{"rendered":"The Celsius Saga"},"content":{"rendered":"\n
tl;dr Summary:<\/strong> On the night of June 12, amidst a crypto bear market, Celsius, a lending and borrowing platform, announced that it is pausing all customer withdrawals, swaps, and transfers.\u00a0<\/em><\/p>\n\n\n\n “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” their memo<\/a> stated. The reason for this move was “for the benefit of our entire community to stabilize liquidity and operations while taking steps to preserve and protect assets. Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.”<\/p>\n\n\n\n Celsius is a lending platform that offers its customers high yields (as high as 17%) on their crypto deposits which it lends to other crypto firms. The company’s CEL token reacted sharply, dropping 70% in one hour from a high of $0.49 on Sunday to $0.15 after the announcement. <\/p>\n\n\n\n In response to this event, BlockFi (another lending platform) CEO Zac Prince tweeted that its services “continue to operate normally.” <\/p>\n\n\n\n