'I trusted them with my savings:' Crypto investors scramble after accounts frozen
— Add, Risk assets, Already considering, Remaining assets, Buying, Yahoo finance app, Unsecured creditors, Needed, Solana, Motto “ unbank — 1 min read
Celsius Network offers high-yielding interest accounts, often misconstrued as bank-level savings accounts, to retail investors. Since its November peak the figure has lost 70% - over two thirds of its value. The firm has frozen its customer accounts to stabilize its operations, but the move has also made it more difficult for customers to meet margin requirements. Celsius also has offered little in the way of assurance of its financial health, causing onlookers to speculate whether the firm is “risking insolvency,” which would put any additional collateral investors offer up in jeopardy. Celsius has hired restructuring lawyers as well as bankers with Citigroup. Some of its customers are rallying around the cause to sue the firm, which boasts over 3 million social media subscribers. Source