Cryptocurrency credit company Celsius altcoin CEL, It lost a lot of blood today, with users announcing on Twitter that they could not withdraw their funds.
CEL Altcoin Suffers Huge As Users Cannot Withdraw Funds
CEL, the network’s native altcoin, is trading at $1.02 at the time of this writing, with its value losing 33% in the last 24 hours.
Alex Mashinsky, CEO of Celcius Network, addressed user concerns regarding withdrawals and reassured investors that the funds were safe.
The world’s largest cryptocurrency bitcoin At the time of this writing, it is trading at $ 28,500.
Thus, BTC fell to the lowest level of the last year. The market drop is thought to be due to the collapse of Terra’s LUNA and UST stablecoin.
The collapse of LUNA, one of the biggest cryptocurrency projects, seems to have had a domino effect on the overall crypto market.
Mashinsky, on the other hand, claims that the Celsius network has survived the extreme volatility in the market without major losses. The CEO pointed to the company’s risk management frameworks designed to protect client assets.
Celsius Allegedly Involved in Operation ‘Rescue’ LUNA
On Wednesday, rumors began to circulate that Celsius, along with Jane Street Capital and Jump Trading, was involved in a potential bailout of Terra.
Despite this, Mashinsky said in his statement that his companies would definitely not be involved in such an operation. However, experiencing the problems with CEL right now brought to mind that it may be related to LUNA.
On the other hand, as we reported last month, Celsius updated its “Risk Disclosures” announcement and warned users that the CEL altcoin is at major regulatory risk.
Related Article: This Altcoin’s Distributor Warns Investors: “We Are Under Regulatory Threat!”
Celsius also prohibited non-accredited US investors from earning rewards on the “Win” platform.
*Not investment advice.
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