Confused crypto community as Celsius maintains weekly incentives

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Confused crypto community as Celsius maintains weekly incentives

Confused crypto community as Celsius maintains weekly incentives
Source: CoinTelegraph
1656413070 28 Jun / 10:44

Members of the cryptocurrency community on Twitter are perplexed by the Celsius Network's decision to continue paying weekly prizes after suspending withdrawals two weeks ago.

As previously reported, on June 13, the cryptocurrency lending site Celsius halted withdrawals, citing harsh market circumstances amid the current bear market. Soon after, it was reported that the company was experiencing financial troubles and may be heading into collapse, putting consumers' cash at risk.

Simon Dixon, Bitcoin (BTC) OG and CEO and co-founder of online investing platform BnkToTheFuture, tweeted to his 59,300 followers on Monday that he had received roughly $4,000 in crypto awards but was unable to withdraw them.

“Email on one of my accounts. I can’t withdraw, but @CelsiusNetwork is still paying out. I’m curious if you think the rewards should still be coming? Thoughts?”

When Googling “Celsius still paying” on Twitter, several individuals raise concerns about the loan site, with CryptoStylesUSA calling it “insulting” that Celsius continues to pay weekly prizes while holding their “crypto hostage.”

According to Celsius’ website, which is undergoing a redesign owing to liquidity concerns, the firm continues to advertise annual percentage yields (APYs) of up to 18.63% on crypto deposits, which many have said is unsustainable.

Only Synthetix (SNX), the native token of the decentralized finance (DeFi) platform Synthetix, is offered through this campaign. The top stablecoins on Celsius are listed with about 9 percent APY, but Polkadot (DOT) and Polygon (MATIC) have provided APYs as high as 11.87 percent 9.52 percent, respectively.

In addition, Celsius is still giving 10 percent bonuses on initial deposits up to $250,000 while not presently enabling customers to withdraw funds.

While it is unclear what will happen to the monies belonging to Celsius users, the company hired consultants from a management consulting firm to prepare for a possible bankruptcy filing. On June 14, Celsius also engaged attorneys to assist in reorganizing the firm in light of its financial difficulties.

On Monday, reports began to circulate that Alex Mashinsky, the CEO of Celsius, attempted to exit the country via Morrison Airport in New Jersey but was prevented by police. The tale appears to have started with crypto researcher Mike Alfred, although the company has refuted the allegations.

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