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Crypto firm Celsius pauses transfers, withdrawals as markets tumble


hegemony
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On 6/13/2022 at 9:46 AM, A Credit Ed said:

Alex Mashinsky, CEO of Celsius, tweeted this reply on Saturday:

 

 

  That didn't age well.  I saw one reply there that basically said "I know lots of people.  LOL."   I strongly doubt the company can restart after this.  They've lost all credibility.  Bankruptcy is probably in their future, in which case, customers with funds on their platform will be in line with all the other creditors. Who knows what, if anything, will be left to reimburse them.  The CEO used to wear a shirt that said "The Banks Aren't Your Friends."  Where does that leave Celsius?  A bank wouldn't put up a sign on their front door saying "withdrawals are not being allowed because of liquidity issues."  That won't happen.  If a bank gets into trouble, the Fed and FDIC will step in.  There's no such system for this joint.  

Edited by Burgerwars
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