Bitcoin and other cryptocurrencies were collapsing in price Monday, after the major crypto lender Celsius halted all withdrawals citing “extreme market conditions.' FOX13
It's the latest high profile collapse of a pillar of the cryptocurrency industry. These meltdowns have erased tens of billions of dollars of investors' assets and spurred urgent calls to regulate the freewheeling industry.
Celsius is one of the bigger cryptocurrency lending platforms, with more than $11 billion in customer assets. In exchange for customers’ deposits, the company pays out extremely generous yields, upwards of 19% on some accounts. Celsius takes those funds and lends them out to generate a return.Bitcoin is a decentralized digital currency created in 2009 by a person or persons operating under the name "Satoshi Nakamoto.
Just like Terra, Celsius had sold itself as a safe place for cryptocurrency holders to deposit their funds. Even while Celsius was failing, the company's website advertised that users can "access your coins whenever, keep them safe forever." FILE - Wrapped Bitcoin logo displayed on a phone screen and representation of Bitcoin are seen in this illustration photo taken in Krakow, Poland on June 10, 2022.
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