- Simon Dixon pledged to help the Celsius network recover.
- Celsius (CEL) lost over 91% of its value from its all-time high of $8.02.
On June 13, Celsius Network, one of the largest crypto lenders pauses all withdrawals, Swaps, and transfers between accounts. It’s been 7 days since the transactions were paused due to the extreme market condition.
The network took this move to put Celsius in a better position to meet its withdrawal obligations over time. Sparking outrage and pushing the network token CEL price down by 60% on the day low of $0.18.
Celsius Network withdrawals, swaps, and transfers have now been paused for over 7 days due to “extreme market conditions.”
— Crypto Today (@TheCryptoToday) June 20, 2022
The crypto marketer condition even getting worse than before. Demand for high-yielding lending products has dropped since Terra’s collapse.
last year November, Celsius was valued at $3.25 billion. The CEL coin, according to its website is an “actual financial reward” of up to 30% more weekly returns. It’s unclear what caused the most recent drop.
Recovery plan for Celsius
BnkToTheFuture, Celsius’ primary investor and co-founder Simon Dixon have pledged to help the network by using the same “financial innovation” that saved cryptocurrency exchange Bitfinex from collapse in 2016.
Dixon’s ideas for Celsius are based on his company’s solutions from August 2016, when Bitfinex stated it had lost roughly 120,000 Bitcoin (BTC) in a cybersecurity incident, resulting in a loss of approximately $72 million in customer funds.
Celsius (CEL) lost over 91% of its value from its all-time high of $8.02 which was recorded in June 2021. At the time of writing CEL traded at $0.643518 with a trading volume of $13,290,926. Celsius is up 21.77% in the last 24 hours.
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