The struggling Celsius Network has baffled members of the cryptocurrency community on Twitter by continuing to pay weekly incentives despite pausing withdrawals two weeks ago. Celsius halted withdrawals due to “severe market conditions” brought on by the current bear market. The company reported liquidity problems and might be on the verge of insolvency, thus putting consumers’ funds at risk. The CEO and co-founder of the online investment platform BnkToTheFuture and an early adopter of Bitcoin (BTC), Simon Dixon, tweeted his confusion to his 59,300 followers on Monday after receiving cryptocurrency incentives worth around $4,000 but being unable to withdraw them: Email on one of my accounts. Can’t withdraw but @CelsiusNetwork are still paying out. I’m curious if you think the rewards should still be coming? Thoughts? pic.twitter.com/7Rym9yrq2f — Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) June 27, 2022 Numerous users are raising concerns about the loan platform. Others, like CryptoStylesUSA, have called it “insulting” as Celsius is giving out weekly prizes while holding their “crypto hostage.” This is honestly insulting, @CelsiusNetwork is still paying weekly rewards while holding my crypto hostage. pic.twitter.com/Cst0iqNkDc — CryptoSteve.eth (@CryptoStylesUSA) June 27, 2022 Celsius Advertising Annual Percentage Yields The company is still promoting annual percentage yields (APYs) of up to 18.63% on cryptocurrency ...
SEC Hosts First-Ever Crypto Roundtable Today
