Reasons Crypto Platform Celsius Appears to Be Insolvent

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Reasons Crypto Platform Celsius Appears to Be Insolvent

As “the season of red” continues in the cryptocurrency world, Celsius, a do-it-all fintech app that gives users easy and trusted access to crypto services, as of June 14, appears to be insolvent. This state of insolvency can be attributed to two wrong moves made by the cryptocurrency platform. The first of the moves is when it uses on-chain leverage and the second is using stETH.
The stETH move is a problem that came up when the company used an ETH derivative called stETH to pump up its ETH yield and to attract more investors to …
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Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.
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Jun 19, 2022 – 00:00
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As “the season of red” continues in the cryptocurrency world, Celsius, a do-it-all fintech app that gives users easy and trusted access to crypto services, as of June 14, appears to be insolvent. This state of insolvency can be attributed to two wrong moves made by the cryptocurrency platform. The first of the moves is when it uses on-chain leverage and the second is using stETH.

The stETH move is a problem that came up when the company used an ETH derivative called stETH to pump up its ETH yield and to attract more investors to …

Read The Full Article On CryptoCurrencyNews.com

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Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.

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