In a statement posted online on Monday, US-based Celsius has told its 1.8 million customers that it was immediately suspending withdrawals, swaps and transfers between accounts because of “extreme market conditions”.
Celsius’ move echoes the recent collapse of another cryptocurrency project known as Terra/Luna. While the two differ in many respects, they are similar in that many people bought into Terra/Luna because they could access interest rates of 20 per cent. Celsius offers up to 18 per cent annualised interest for deposits of some tokens and time periods on its platform.
It takes bitcoin’s losses this year to about 45 per cent, according to data from Morningstar, while Ethereum is down about 63 per cent.
Suckers.....
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