Jasmine
VIP Contributor
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.
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.