Bitcoin plunges as major crypto lender halts operations
— Celsius takes, Yields, Regulated like, Sold, Hours, Erasing tens, Celsius, Safe place, Withdrawals — 1 min read
Bitcoin was trading at roughly $23,400 Monday afternoon, down more than 16% in the past day. It's the latest high-profile collapse of a pillar of the cryptocurrency industry. Celsius Network halted all withdrawals and transfers between accounts on Sunday. In exchange for customers’ deposits, the company pays out extremely generous yields, upwards of 19% on some accounts. It is the second notable collapse in the cryptocurrency universe in less than two months, after stablecoin Terra imploded in early May, erasing tens of billions of dollars in a matter of hours. A cryptocurrency lender is not regulated like a bank, so there’s no deposit insurance and no legal framework for who gets their money back first, like in a bankruptcy. Source