The crypto situation continues to do a lot of damage to crypto players. Among these struggling players is the Celsius Network. A look back at the precarious state of the Celsius Network platform.
What is the Celsius Network?
Celsius Network is a large encryption platform. It currently includes over 1.7 million users in the world.
On Celsius, you find various crypto products like crypto loans or even stacking. As a reminder, stagnation means blocking your cryptocurrencies over a period of time to collect interest. The platform also offers trades between cryptos. Soon, the Celsius Network planned to put into service a encrypted card allowing cryptos to be converted to fiat currency instantly.
The native signal used to operate the platform is the base Celsius or CEL.
Celsius network in big trouble?
The Celsius platform has been in big trouble for the past few weeks. In June 2022, we discovered that Celsius had interrupted all “withdrawal, exchange and transfer” services. The reason? Like many other platforms, Celsius is facing a major cash flow problem. On the platform side, this horrific act was justified as “the most responsible action” to be taken “to protect the public”.
More than 24 days after this decision, the platform has not yet resumed its activities.
Celsius Network repays all of its Bitcoin loans
So many platform users are currently waiting. And recent Celsius Network fund movements certainly do not provide answers.
On July 7, 2022, we learned on Twitter through the Celsius Network Watcher.Guru account he repaid all his bitcoin loans. On July 5, the platform thus paid the equivalent of 40 million euros to settle some of its Bitcoin loans. The rest has just been paid on July 7th. There is talk of a payment of around 41 million euros. This amount was paid in DAI, the stable basis of the Manufacturer Protocol. All in all, these are $ 453 million which is therefore paid.
So it seems that the firm has managed to pay off its debts. Good News? The tension is evident among Celsius Network users who have felt hostage in recent weeks. In fact, if the financial situation seems to improve, it does not say that the platform will resume its activities. The scene of the closures still hangs for Celsius Network users who see their crypto still stuck on the platform.