Celsius

According to a coin report from Sunday, crypto lending platform Celsius is in debt to the tune of $2.85 billion, contrary to its previous reports. The recent reveal could spell greater trouble for the bankrupt firm seeing as their chapter 11 filing had claimed a different figure. Contrasting Deficit Balances Celsius was one of several platforms that crumbled in the wake of the Terra crash. The company also felt the pressure from the ongoing crypto slump and filed for bankruptcy…

Bankrupt crypto-lender Celsius sent an email to customers on Thursday revealing that their emails were leaked in a data breach. The company claimed this doesn’t present any high risk to their clients, but informed them as a matter of communication. In the email ZeroHedge shared, Celsius said that it was informed of the leak by Customer.io. The company serves as Celsius’ vendor and functions as an automated messaging platform for sending data-driven marketing emails.  The vendor said that one of…

Even after the Celsius Network’s chapter 11 bankruptcy filing, the debacle surrounding its collapse continues to deepen. Frances Coppola, a well-known economist has asserted that the platform’s users are unlikely to recover their missing funds. Celsius a Shadow Bank? Earlier this month, the crypto lender collapsed amidst fraud allegations and liquidity problems that caused it to halt withdrawals. Later on, the network announced that it had applied for Chapter 11 bankruptcy in New York. At the time, the claim was…

Zac Prince – CEO of crypto lending platform BlockFi – wants people to stop comparing his company to other embattled crypto firms. He claims there is a qualitative distinction between the magnitude of BlockFi’s troubles compared to Celsius or Voyager’s. In a tweet on Monday, Prince called on journalists and commentators to quit “putting BlockFi in the same bucket” as Celsius or Voyager. "Two months ago we looked the ‘same’,” he said. “They shut down and have impending losses for…

Crypto lending platform Celsius continues to defend itself from liquidation and looming insolvency. The firm has paid down another $140 Million on its Bitcoin-backed loan with MakerDAO since the start of the month. Celsius Stays Afloat As data from Defi Explore demonstrates, Celsius has made four payments covering its outstanding debt since July 1st. The company’s initial payment on Friday came in the form of 22.6 million DAI – an algorithmic dollar-pegged stablecoin. The platform submitted another, smaller payment of…

Banking giant Goldman Sachs is reportedly raising $2 billion to buy the assets of Celsius – the troubled crypto lending platform. The news comes from two sources familiar with the matter, according to a report from CoinDesk. The bank is ready to buy the lending firm’s assets at a steep discount in the event of a bankruptcy. And, it will do so using commitments from investors. The move is part of Goldman’s effort to draw commitments and gauge interest from…

Celsius Network’s lead investor BnkToTheFuture and its co-founder Simon Dixon have proposed a recovery plan for the beleaguered crypto lender. In a June 18 statement, Dixon - also BnkToTheFuture’s CEO - said the solution involves security tokens, debt, and equity. To prove the recovery plan works, he noted that Bitfinex previously used a similar strategy. According to Dixon, BnkToTheFuture helped save Bitfinex from liquidation in 2016 after the exchange suffered a high-profile hack. He did not specify how security tokens,…

Celsius Network, a decentralized finance (DeFi) lending giant, has halted withdrawals, swaps, and transfers between accounts. The company announced this news earlier today through a blog post. Celsius said it paused the above services due to extreme market conditions. Through this course of action, Celsius hopes to place itself in a better position to honor its withdrawal obligations. The company claims this move is intended to benefit the entire Celsius community. Specifically, Celsius alleged that pausing withdrawals, swaps, and transfers…

Germany-based blockchain banking company Bitwala is now partnering with the pioneering decentralized finance (DeFi) platform known as Celsius to provide Bitcoin hodlers yearly interest of up to 4 percent. When users decide to utilize the Bitcoin Interest Account of Bitwala, the funds they deposit will be loaned to institutional borrowers through Celsius, allowing them to earn interest every week on their Bitcoin in BTC. The blockchain bank has integrated Celsius as it considers DeFi a new means of generating wealth,…