What's happening with Celsius crypto?

But perhaps no asset is suffering quite like the Celsius crypto, CEL. Bitcoin prices are down 18%, and Ethereum prices are down 20%. Their respective losses are causing the rest of the market to slump. In response to this, Celsius decided to freeze all withdrawals from its platform. It also froze its swap and transfer features.

Is Celsius a bank or a crypto lender?

Founded in 2017 by Mr. Mashinsky, Celsius surged amid the crypto boom to become one of the biggest crypto lenders, with more than $12 billion in deposits. Customers, wooed by high interest rates, flooded in, while venture capitalists showered it with money. Contrasts with banks were at the center of Mr. Mashinsky's public persona. Mr.

Is Celsius more risky than a bank?

As it happens, the investor documents from 2021 reveal that Celsius, which was marketed as less risky than a bank and with better returns, actually “carried far more risk than a traditional bank,” Eliot Brown and Caitlin Ostroff of the Wall Street Journal reported on June 29.

Is Celsius Network's Alex Mashinsky a bank or a lender?

Celsius Network CEO Alex Mashinsky built his cryptocurrency lender into a giant on a pitch that it was less risky than a bank with better returns for customers. But investor documents show the lender carried far more risk than a traditional bank.