It’s getting sizzling in right here.
Investors have been burning up social media on after the crypto lender Celsius Network stated that it could droop indefinitely varied transactions, together with withdrawals of funds.
“@CelsiusNetwork is pausing all withdrawals, Swap, and transfers between accounts,” the corporate stated on its Twitter page. “Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community.”
The announcement cranked up all method of hypothesis, which solely intensified when crypto agency Nexo AG stated that it despatched a letter to Celsius containing a proposal to purchase “remaining qualifying assets of Celsius Network LLC and Celsius Lending LLC.”
Social media went berserk following the Celsius announcement as buyers expressed their outrage.
The pleasure prompted one Twitter user to state that “at least it’s entertaining” and put up the picture of man laden with comfortable drinks and buckets of film popcorn.
“Hurry!” the guy tells his companion. “The comments have started!”
Indeed they’ve they usually have been coming in quick and very livid.
“This tweet did not age well,” one other person noted, posting a June 11 tweet from the corporate saying “PSA: Swapping coins with Celsius takes less time than it took to write this tweet. #SwapWithCelsius.”
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‘The End of Me’
“This one was better,” one particular person responded, posting a 2019 from the corporate that inspired buyers to “#UnbankYourself with Celsius and join the next generation of financial services–no fees, no penalties, no lockups, no profits.”
Bear in thoughts that buyers are nonetheless reeling from the UST/Luna cash scandal. UST, or TerraUSD, a so-called stablecoin, misplaced its greenback peg when hundreds of thousands of buyers all needed to redeem their tokens on the similar time.
The debacle of UST and Luna, that are sister tokens belonging to the Terra ecosystem, brought on greater than $55 billion in losses for buyers.
“I have USDC in my account that I want to use to repay my loan that has a margin call right now,” one person said, referring to the stablecoin that’s pegged to the US greenback, “but I can’t even repay the damn loan because of the transfer freeze. That’s ridiculous. If the market tanks, celsius will liquidate my collateral even though I can pay off my loan!!!”
“Due to inflation, Celsius is rebranding to Fahrenheit,” one other particular person tweeted.
“let me know when it rebrands to Kelvin,” got here one response.
‘Please Take Care of Yourself’
Over on Reddit, a commenter posted a video clip of the animated program “South Park,” that featured a banker clicking at a keyboard and saying “ANND it’s Gone.”
“In all seriousness, everybody is freaking out and I get it but here’s the thing. AINT NOTHING WE CAN DO HOMBRES,” one other Reddit poster stated. “Sit back, relax if it works itself out it will. I stupidly had about 70% of my entire portfolio in Celsius and it sucks but somebody is always going to be worse off in this situation than you so make sure to look out for your peers and yourself. On the plus side, BTC and ETH are looking tasty.”
And one other particular person addressed considerations about folks harming themselves, a priority that additionally cropped up in the course of the UST/Luna cash collapse.
In a put up entitled “Please Take Care of Yourself,” the commenter stated. “At the end of the day your life is worth far more than money. Money can always be made again. Don’t hesitate to reach out to someone in your life or even here if need be.”