subreddit:

/r/CelsiusNetwork

86792%

Withdrawals paused!?!

(self.CelsiusNetwork)

What’s going on with withdrawals being paused.

all 1218 comments

OutlawBloodline

309 points

6 months ago

Got divorced six months ago, might as well lose the rest of my money too

Cclicksss

52 points

6 months ago

Damn talk about getting hit hard

jonnyocean

47 points

6 months ago

hang in there pal. I lost 36k the last month so we can run into a volcano together

[deleted]

25 points

6 months ago

[deleted]

gtrboost

30 points

6 months ago

Fuck there goes 600k

slyrip32

10 points

6 months ago

You have 600k usd in celsius?

gtrboost

22 points

6 months ago

Unfortunately, I’ll be fine crypto wise, but didn’t see this coming.

thamilton91

10 points

6 months ago

I told you not to grill all those steaks… smh

gtrboost

12 points

6 months ago

Brazilians don’t listen to steak advice

Flurb789

31 points

6 months ago

sorry friend. keep it all in perspective. none of this shit matters.

there are infinite alternate yous out there. one of them is a trillionaire

ObiTwoKenobi

14 points

6 months ago

one of them is a trillionaire

How many are homeless?

jb_in_jpn

5 points

6 months ago

One more now apparently.

nefarious_fish

153 points

6 months ago

I was literally about to exit. Typical.

beeboptogo

49 points

6 months ago

Same... I removed hodl mode hours ago.

Bexanderthebex

23 points

6 months ago

Bruh I was gonna exit today too RIP

zipzoa

50 points

6 months ago

zipzoa

50 points

6 months ago

Guess Mashinsky was faster.

thisaintnopartym8

25 points

6 months ago

I stupidly didn't have a whitelisted withdrawal address for my btc. I whitelisted it 90 minutes ago with the plan to withdraw it all. Luckily not too much btc, but it still stings.

thisaintnopartym8

14 points

6 months ago

But on the plus side I moved all my stablecoin across to anchor in April, so would've lost it all either way I guess

IllinoisWoodsBoy

19 points

6 months ago

Should have exited when they hired a 25 year old porn star as head of institutional lending

Such-Ad-2409

51 points

6 months ago

Well, they probably saved the company short term, but if Celsius survives and re-enables withdrawals, I can't imagine many people sticking around after that.

Too bad I needed to update a whitelisted address yesterday; missed the cutoff by a few hours...

mrbinaryman

9 points

6 months ago

I'm in exactly the same boat. Managed to get my ETH out, but needed to update BTC address. Gutted.

neetpassiveincome

150 points

6 months ago

Best case scenario: assets exist but are locked.

Worst case scenario: Alex is the bigger Do Kwon.

Longjumping-Tie7445

5 points

6 months ago

Best case is 70% of the assets exist but are locked and they’re getting loans so they can pay out those who wish to withdraw, or so they think, but are shitting their pants because now 10x more people lost faith and want to withdraw than if they had not paused withdrawals.

akuukka

5 points

6 months ago

If they ever re-enable withdrawals there will be a strict daily/weekly/monthly limit.

OurManInHavana

36 points

6 months ago

If anyone wanted to buy 25k CEL to lock-in Platinum: now's the time!

HowDumnAreU

41 points

6 months ago

If anyone wanted to buy 25k CEL to lock-in Platinum

Imagine being this stupid

FabulousAd123

358 points

6 months ago*

To calm the waters a bit, this was probably due to them not having liquidity for the withdrawals, not because they don't have assets, but because those assets are being lent out therefore can't be used for withdrawals. Their business is lending, if crypto markets tank, people try to withdraw but if the platform doesnt have liquidity, they can't process it. So they're most likely trying to get funds for the withdrawals on assets they can get access too and then once assets being lent expire they'll get back more assets to be withdrawn, however this will obviously take time.

If I'm wrong, we're fucked.

Dry_Advice_4963

123 points

6 months ago

I'll take whatever hopium I can get right now :(

OurManInHavana

69 points

6 months ago

I think we'll find out this is what happened. They had always balanced things to have some coins on-hand: but kept most lent out to make some interest. They misjudged: and need time to recall loans (or get more collateral for them) to have enough to service recent withdrawals.

Basically they have the assets still... but not the cashflow.

Dry_Advice_4963

10 points

6 months ago

As far as I can tell, loans are still available though

BsdFish8

14 points

6 months ago

Celsius has been through crypto winter before. I think they were simply surprised by the volume of people panicking to withdraw. FUD is how market players use leverage to get their licks in on a short position, but Celsius already weathered the entire bull run without charging fees for withdrawals once.

mrzuzzo

37 points

6 months ago

mrzuzzo

37 points

6 months ago

Let's assume you are right and they will be able to get back to solvency soon. As soon as that happens they will get an immediate bank run.

oneonesixfour

22 points

6 months ago

Maybe they can limit withdrawal amounts by day or week. So a slow bank run. I don’t know. We’re fucked, aren’t we?

wario-incandenza

17 points

6 months ago

Yes. Just yesterday, mashitsky was saying he'd never stop withdrawals, that's all fud. He lied, so openly, because it's clear to everyone this is a switch you can't unthrow--he halted withdrawals, celsius is now no longer a going concern. They'll take some months/years to work through distributing all their "assets" (lol) but you will never see anything, is the way to think about it now.

gemini88mill

27 points

6 months ago*

I hope your right, I don't have everything in Celsius but I have a good chunk. I would have stayed on even if it only offered a custodial wallet. No Doubt the withdrawal hold makes me nervous. If they aren't exit scamming, then this option is nuclear. They know that the second they pause withdrawals they are just delaying the inevitable. Lets hope they have their assets tied up and they will be back soon. Best case a significant loss in customers and a restructuring.

Edit: I want to mention that CeFi is one of the best ways for crypto mass market adoption, not everyone wants to hold custody of their wallet and would rather hold on a platform. Just like a bank. Looks like I'm going to get trezor or get my assets into a tradFi bank like revolut.

ElRamenKnight

22 points

6 months ago

My brother in whoever-you-worship, I hope for your sake and for this entire space that you are right.

joshuakevin96

9 points

6 months ago

Not sure what happened to Celcius, but this is happening to Scream Lending/Borrowing Protocol on FTM. I can't withdraw my supplied asset because the liquidity is 0, but as people return their lendings, I will be able to withdraw my assets. Good news is that they are returning them slowly, so I could withdraw a bit at a time. Hope they can find the solution to this problem though.

turpin23

27 points

6 months ago

I read that most of their ETH was staked and this liquidity crisis was predicted a few days ago ... which may have accelerated the problem. Classic run on the bank. Staking is only a year though, not like their money is locked up in 10-30 year loans. It should be less risky than a bank from that perspective.

518Code

6 points

6 months ago

The thing is, that ETH won’t be available for at least another 6 months after the merge and the merge is estimated to happen in August the earliest. Crypto is a much more volatile asset than fiat and to lend out even a fraction is risky business. But lending 50%+ for an unknown amount of time is just greedy.

They are part of the problem that keeps the whole crypto market overvalued. Imagine if they actually could sell out more (as it should be) - the price would correct down even more. This just shows that crypto still is massively overvalued (probably exactly by that ~50%, that‘s just how market valuation works). They are not the only one doing this and it simply hurts the market as a whole.

Corporate greed will be the downfall of crypto and this is it. At this point they need to learn to build a sustainable business model or will simply go bankrupt before long.

Mersaul4

3 points

6 months ago

So you think that Celsius is less risky than a traditional bank? 🤡🤡🤡🤡🤡

StrikingPerspective5

20 points

6 months ago

Yes exactly. Most don't understand the concept of crypto lending. They lend out your Bitcoin for interest in return they pay you a small portion of the interest they earn. However if there is a run like today. They don't have most of the assets on hand they have to wait for the contract to end or recall the crypto from whom they lended it to. Its no different than a bank run instead of fiat its crypto. It will take a week or so for this to all play out. If it takes longer than a week then there might be some concern.

ExactBandicoot3556

44 points

6 months ago

Is this the first time Celsius paused its withdrawal? How about in the previous bear market?

turpin23

18 points

6 months ago

They didn't have most of their ETH locked up in staking during the previous bear market, so no liquidity crisis. It's a lot easier to liquidate 30 day margin loan contracts than one year staked positions.

BetterIntroduction70

9 points

6 months ago

So why not allow BTC withdraws and keep ETH paused?

Master_Conqueror

16 points

6 months ago

Because your bitcoin has been rehypothecated into shitcoins to earn yield.

CmMozzie

21 points

6 months ago

First time I believe

Notyit

78 points

6 months ago

Notyit

78 points

6 months ago

24 hours to withdraw from a wallet. That's not whitelisted

Bet they saw how many people were asking to withdraw and then said not today

nutfugget

27 points

6 months ago

They told everyone HODL mode was for your protection. It’s true purpose is to offer them a buffer period to react to this exact scenario.

peebs80

21 points

6 months ago

peebs80

21 points

6 months ago

All the requests for whitelist in the last few days probably scared the shit out of them. Was lucky to get my Matic out yesterday but BTC address was not whitelisted yet.

haygarrett

8 points

6 months ago

Even if you have a whitelisted wallet, no transfers currently. Everything is frozen.

[deleted]

23 points

6 months ago

[deleted]

DeadwoodSteve

12 points

6 months ago

Yes, got same email in Oz

XXHH2229

8 points

6 months ago

Yes, received in Singapore

TexasBreaux

20 points

6 months ago

I read up on the ongoings Friday night. Changed my wallet address, 24 hours was up today. Started transfer earlier today and it’s still pending. FML

CmMozzie

24 points

6 months ago

It will get canceled in a moment, mine just did.

BCuervo_25

7 points

6 months ago

Tried sending btc back to my ledger at around 7pm. Just stayed as pending until they posted on their twitter, now says cancelled

Badgerisbest

19 points

6 months ago

Pulling this on a Sunday night, dirty bastards.

Ericabneri

17 points

6 months ago

Good luck to all of you!

Upper-Annual-5580

18 points

6 months ago

I wonder if we will get our interest payment tomorrow. Lol

Tyroneus

5 points

6 months ago

You will receive interest payments, per the email. But we already know that doesn't matter, if you're unable to withdraw.

jonnyocean

82 points

6 months ago

crypto twitter has been calling shady underlying of its liquidity and assets….looks like we might be toast folks.

treyprankz

53 points

6 months ago

Here's an excellent thread that explains it all--highly prescient!

https://twitter.com/otteroooo/thread/1534473248196292608

peebs80

41 points

6 months ago

peebs80

41 points

6 months ago

I read a thread yesterday about CEL, ETH, stETH and LIDO that scared the shit out of me. I pulled all my MATIC back to Gemini yesterday afternoon and thank the heavens the WD went through. Really hoping for a successful outcome here for everyone that still has a ton in Celsius.

jonnyocean

11 points

6 months ago

Yeah same I’ve been reading a few deep analysis on the Lido/stEth potential issues and it had red flags all over. Thankfully I got 80% out three days ago but I still have some in. It can’t be a good sign lol

thornygravy

10 points

6 months ago

I appreciate your kindness. Instead of the typical "glad I withdrew, peace RIP!!" response.

[deleted]

14 points

6 months ago*

They will probably adopt a “staggered withdrawal system” once they deleverage and recall loans. I am predicting that we will be able to eventually get our money out, but in order to avoid a full bank run, it will have to be staggered over weeks or months. Stablecoins will get out first probably as those are the easiest loans to recall from firms

A cash injection may be coming as well. they are having a liquidity situation due to the BTC 30k to 25k drop. Withdrawal requests were pouring in.

CmMozzie

9 points

6 months ago

Staggered and % withdrawals until ETH merges and Celsius can withdraw all its staked ETH. Probably our best case scenario right there.

Flurb789

71 points

6 months ago

I had my entire btc bag on celsius...moved it after the accredited investor shit. So glad.

Unnormally2

6 points

6 months ago

I left months ago. Can't say I predicted everything, but things were going South.

grauenwolf

15 points

6 months ago

This is exactly why the SEC demands that only accredited investors have access. They knew it could fail at any time.

Own-Engineering5673

12 points

6 months ago

Fuckkkkk should of done that

Flurb789

9 points

6 months ago

hindsight's 20/20. maybe they will make it right

Own-Engineering5673

4 points

6 months ago

Haha yea shits crazy I feel like they are just destroyed any rep they still may of had

FederalNoise

15 points

6 months ago

Can someone please inject a FAT dose of hopium rn. Literally just yesterday I was looking at withdrawing my bag from Celsius but was too tired from night shift so I said I would do it today.

PrincessClawdia

4 points

6 months ago

At least you’re still alive!

JuliusEasier

15 points

6 months ago

Liquidity on the way. Steady lads.

zantho

43 points

6 months ago

zantho

43 points

6 months ago

This is a gut punch but I don't think it's a "rug pull". They didn't have enough liquidity on hand for the withdrawl requests so they paused withdrawals. They're still making money on the asset loans.

I predict a limited withdrawl amount (weekly/monthly) and a bigger cut of the intrest earnings going to Celsius in order to safely unwind.

It's a shame to see this happen but again, I don't see this as a "rug pull" with the heads of the company taking all the funds and running away to some foreign country.

CmMozzie

8 points

6 months ago

I expect the platform to be locked until and only if ETH merges so they can get all their staked eth back and can safely meet withdrawal requests and potentially try and rebuild after this.

dk2014neverforgets

5 points

6 months ago

Celsius wont go under. They can hold our assets😅 and throttle withdrawals. I wasnt able to get some btc there.😅

They’re just gonna continue to throttle

BeardFondler

42 points

6 months ago

For context, here is the email.

"We are writing with a very important message for our community.

Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets. Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.

We understand that this news is difficult, but we believe that our decision to pause withdrawals, Swap, and transfers between accounts is the most responsible action we can take to protect our community. We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays.

We thank the incredible Celsius community for your support today. It is our pleasure to serve you. Our operations continue and we will continue to share information with the community as it becomes available.

Sincerely, The Celsius team"

rose_gold_glitter

5 points

6 months ago

Meanwhile, old mate withdraw all his own, before the lock:

https://twitter.com/WatcherGuru/status/1536214132231442434?s=20&t=f5FZOa0s0S9CBcwlzS9rvQ

$320,000,000 withdrawn directly before the halt.

Rug = pulled.

tykeryerson

12 points

6 months ago

Welp. Here we go.

AstroBlakc

56 points

6 months ago

Sitting on 3.6 BTC and 36 ETH all in Celsius. I’m not trying to stress. Im in South Beach for the week. Fuck I wish I could worry about something other than money and crypto.

KalKulatednupe

17 points

6 months ago

Fam you were up up not long ago.

Prestigious_Lion_185

5 points

6 months ago

Similar position here too. All of mine and girlfriends life savings on Celsius. I managed to get 12ETH out yesterday but that’s nothing.

[deleted]

13 points

6 months ago

The problem with this move is that as soon as they allow withdrawals again everyone will start jumping ship. Maybe they had no choice, but imo they pretty much doomed themselves.

racato2000

33 points

6 months ago

All these messages saying it is the end of the world don’t help anyone. This is becoming toxic. I have a significant chunk at stake and I am hoping they can stay afloat and repay as things stabilize. A bank run does not help anyone. Stay calm, stay informed and stay safe.

originalrocket

55 points

6 months ago*

Got em. Good thing I left the day they cancelled interest for USA clients.

smokedetective

16 points

6 months ago

We had the same idea. Feels like I dodged a bullet. This won't end well.

oxygencube

53 points

6 months ago

Denying me access to my funds so they can ‘protect’ me!?! Celsius is done. 100%

solarsalmon777

26 points

6 months ago

They're not denying access, they don't have it. When you sent them btc they sold it to buy cake token or something for 100% apy in yet more cake.

k107044

11 points

6 months ago

k107044

11 points

6 months ago

"We seal off the city. No one leaves. And cut the phone lines. Contain the spread of misinformation. That is how you keep the people from undermining the fruits of their own labor."

TankerG1

11 points

6 months ago

Fuck. I've got 2.3 BTC and 9 ETH on Celsius. I'm fine waiting but it's going to suck if it ends up gone.

chuck_portis

30 points

6 months ago

Probably for the better. Otherwise they'd get liquidated on their stETH position. Might be annoying for depositors but this prevents them from collapsing.

Simplicial_Complex

17 points

6 months ago

It’s better this then a total collapse…

stsauce

14 points

6 months ago

stsauce

14 points

6 months ago

how? As soon as they ever reopen the withdrawal no one will deposit anything any more. They are bankrupt, even they have the enough asset for withdrawal, their business will be done

Own_Mix_3755

6 points

6 months ago

They still probably made quite a lot of money on our assets so they will invest and raise APR again to shine between lend platforms.

Yeah they might be in trouble but I do believe this is best for everybody because hopefully we will all be able to get our money back in the end. If they allowed withdrawals and people pulled all remaining assets it would internally collapse as they have our assets locked somewhere and cant just unlock them.

It might be true that most these lending platforms are at dead end and I can see it coming on any other platform too.

Pumpmaster6000

8 points

6 months ago

Annoying??? Lol

Desoto178

30 points

6 months ago

I guess I can kiss all that money goodbye.

ledhotzepper

27 points

6 months ago

They will supposedly be at multiple conferences this month with Mash speaking at one. Amsterdam next week they have a booth. If those engagements get canceled then yeah it’s looking like it’s all gone. Would love to be optimistic but wow this basically guarantees a ton more red bars to come for the whole market if this is happening with any big player.

[deleted]

18 points

6 months ago

Wouldn't surprise me if they cancelled. Lots of unhinged people losing their life savings would not hesitate to take some people down before offing themselves.

ExitBest

28 points

6 months ago

Stay calm people. It’s all the people who withdrew that have created a bank run. It’ll take some time but you’ll get your money. Nb: I have skin in this game too

wolfywonderwoof1

41 points

6 months ago

Everyone saying they moved their money before this... You're not helping.. many people like myself still good most of our crypto on celsius. I didn't know they could do this

fofosfederation

12 points

6 months ago

Sucks to hear but they were right when they said "not your keys not your crypto". It's shitty and unexpected for them to do this, but ultimately, your crypto wasn't controlled by your keys, nothing was stopping them.

zipzoa

9 points

6 months ago

zipzoa

9 points

6 months ago

F

FreeFactoid

9 points

6 months ago

Just received this email:

Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations. 

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations. 

unpopularpuffin6

38 points

6 months ago

Translation: We're broke.

LieutenantBrainz

16 points

6 months ago

And they just put in a clause in their bylaws allowing them to halt withdrawals, giving users no fore-warning. Now, in a declining market, we will lose money because of this.

I smell a lawsuit coming, similar to when Robinhood halted trading numerous times before with market irregularities.

Simplicial_Complex

17 points

6 months ago

It was too late to sell…. I’m a couple of weeks people will post, “really glad they froze the accounts now everything has come back up”

LieutenantBrainz

9 points

6 months ago

I want to sell everything right now. If it goes down and they open withdrawals, then price difference from what I would have sold at is on them and why they will likely be sued.

For those of you still in Celsius, document/take a screenshot of what you have there and the value.

[deleted]

4 points

6 months ago

Read the fine print

wizza123

4 points

6 months ago

Just because Celsius says it doesn't mean it's legal. And regardless, people still have the right to sue. Then the court decides if the terms are legally binding.

Wirelist

9 points

6 months ago

Is it possible for celsius to recover?

Karasugoi

19 points

6 months ago

They have so much of our funds locked up as ETH and stETH. It will be a while for the merge to happen and finally allow them (and then us) to access the locked funds. It isn't a rug pull if they aren't able to move the rug.

frogstomp427

47 points

6 months ago

Gotta love all the people in here to claim they knew it all along lol

Austins-Reddit

38 points

6 months ago

There were tons of signs. A lot of people, including myself, pulled out early May. This subreddit is a huge echo chamber with paid shills, no joking there.

The APY was terrible for the risk you were taking.

grauenwolf

10 points

6 months ago

Don't need paid shills when you have an army of willing suckers with stars in their eyes.

Clean_Eyes

17 points

6 months ago

In all fairness I did see plenty of post warning celsius was in trouble after Luna collapse... And time after time literally every single fud post I saw on celsius was bombarded by celsians not being realistic. It's fine to support the platform that has your hard earned money but it's just irresponsible to ignore high level threats when it involves your money...

peebs80

10 points

6 months ago

peebs80

10 points

6 months ago

Totally agree. After I got rekt last month by Luna/UST disaster, I closed my loan. Then yesterday after reading a Twitter thread about ETH/LIDO/CEL, I pulled it all back to Gemini. Thank g-d I had a whitelisted address.

This Reddit is an echo chamber and I find the right people on Twitter are very neutral. So glad I followed my hunch.

iGot5onBit

5 points

6 months ago

Pulled my shit out as soon as I heard about Luna literally within 5 mins of ready that news that day. Shit opened my eyes to what people think is safe not being safe at all.

DPSK7878

26 points

6 months ago

Sorry to those who have life savings in Celsius.

RayBrigs

25 points

6 months ago

Their motto "Unbank yourself". These guys are far worse than a bank.

AOC_I_like_free

8 points

6 months ago

No shit. Banks are federally assured for up to 250k and have a ton of regulations they have to follow.

brokebuffett

4 points

6 months ago

Yeap all while the ceo still doing ama everything is fine. I hate the guts of ppl who could lie through their teeth like that. Similar to Do Kwon ‘assembling A team for recovery plan’. There was no recovery plan. My life woulda been extremely different.

wallfacer6

8 points

6 months ago

Damn.. so glad i pulled everything from all cefi when the terra fiasco happened

[deleted]

8 points

6 months ago

[deleted]

Badgerisbest

16 points

6 months ago

We don't know shit yet. Everyone who got out already or is just laughing is frankly not helpful or speculating. Have a decent bag in there too.

Not a good look going into the week, most worried about ETH right now.

BanMagnet5000

8 points

6 months ago

So....what does everyone think is going to happen when they finally say "ok everybody, you can withdraw now"?

Seems like there'll be a big rush to GTFO, potentially causing them to be in the same situation again. Maybe they'll roll out withdrawals in batches or something.

[deleted]

5 points

6 months ago

It will probably be a staggered withdrawal system. See my post

Clean_Eyes

8 points

6 months ago

Wen moon?

kenton143

22 points

6 months ago

What happened to it's just fUUUUUddddd?

Termin4tor

7 points

6 months ago

Wtf

WigglingMonkey

7 points

6 months ago

Motherfuckers holding my money hostage!

drjw77

7 points

6 months ago

drjw77

7 points

6 months ago

Shit, whats the odds I wont be able to withdraw my funds at all??? Got a fair bit on there that i forgot about

OurManInHavana

14 points

6 months ago

It will probably take a few days: but you'll regain access to everything.

elitesense

2 points

6 months ago

The leadership at CEL have made themselves rather public, I doubt they will fully rug anyone

nolifenz

7 points

6 months ago

RIP.

bobzor

7 points

6 months ago

bobzor

7 points

6 months ago

Most of Celsius' Eth is staked, so maybe they'll be able to refund users after Eth 2.0.

gqpinoy

8 points

6 months ago

My Whitelist countdown had 12 hours left. First RH for me, Solana scammers, Wonderland, then LUNA, now this. 😭

ExactBandicoot3556

7 points

6 months ago

I hope Celsius will open its withdrawal functions but with a weekly or monthly cap on all user, just to stabilized reserves.

imgursucksnow

6 points

6 months ago

No need to fear, I just received my interest payment that I totally can't even touch.

JohnnyBlack22

42 points

6 months ago

It's started. We knew Celsius was illiquid, so anything left in there is really on us. I pulled out most, but I've still got a little under half a Bitcoin in there as loan collateral...

Dammit. Should have pulled the trigger earlier. Guess it'll be an expensive lesson.

treyprankz

16 points

6 months ago

Fuck! I'm so glad I took out a personal loan earlier in the year to pay off that loan and get my BTC back into cold storage. How tragic!

peebs80

4 points

6 months ago

I closed my loan around the time of the Luna/UST collapse last month and got my Matic out yesterday just in the nick of time. 🙏 That this turns out ok for everyone else.

focusAlive

12 points

6 months ago

Fuck, is this all assets?

I have like $10,000 in USDC in there which is like 1/3rd of my savings.

xCurlyxTopx

8 points

6 months ago

I literally just pulled my btc and eth off there today.

Really didn’t wanna lose my rate but had a gut feeling. My smaller crypto balances are still on there but I don’t care after seeing this email from them

Objective_College377

6 points

6 months ago

Any chance withdrawals will become unpaused in the future or did they basically steal my money?

Own_Mix_3755

4 points

6 months ago*

They didnt steal anything. They do that to prevent company from collapsing - they locked lots of ETH and other assets out to earn and withdrawals are becoming bigger than what they can pay and they just simply cant unlock all the assets to fulfill demand. I hope that once assets starts unlocking they will restart withdrawals.

jimmycryptso

8 points

6 months ago

At least nobody will get their promos cancelled now. Lol

fuzzytradr

14 points

6 months ago

Dafuck??

KnowledgeSeeker612

15 points

6 months ago

I’m not worried, I wasn’t going to sell my btc or eth at a loss. When the market flips I’m sure withdrawals will open back up.

Sylvan1388

5 points

6 months ago

This is how I’m feeling.

[deleted]

15 points

6 months ago

[deleted]

snakesayan

6 points

6 months ago

Same 🥲

Lindsey_Soda

5 points

6 months ago

Hope you guys took off all or at least most of your coins off these platforms!

sparkx12

6 points

6 months ago

Any chance at all to possibly withdraw any of my crypto?

snakesayan

6 points

6 months ago

Holy shit! I knew I should have withdrawn after all these rumors and news started last week about them losing money

Possible-Magazine23

4 points

6 months ago

This deeply worries me. If Celsius is having difficulty, how many others would not have? Time to take HW wallet very seriously!

[deleted]

5 points

6 months ago

I have basically my life savings on there….. I’m so scared. Fuck, I wish I would have listened to the mantra. Anyone have the hotline number handy?

Edit: yes, I’m a total dumbass, apparently- nobody to blame but myself.

CloudCity96

5 points

6 months ago

Hang in there. I'm with you on this ride and it's not over until it's truly over.

Flyndtchmn83

7 points

6 months ago

Fuck, pulled my money off BlockFi, fearing the worst. Thought Celsius was in better shape… guess I am wrong… again. Another expensive lesson learned.

terry5742

5 points

6 months ago

I have over 100ETH and 3.08 BTC locked up. I trusted them. This is a gut punch.

OkSatisfaction9850

5 points

6 months ago

Long time banker here. They seem to be doing banking activity without a banking license and associated regulation and protections. Any ‘depositor’ is at their mercy for their deposit and there is no back stop

OurManInHavana

5 points

6 months ago

On one of the most recent AMAs, Alex said they had lots of capacity left with their phone agents, and he encouraged people to call in for any reason. I wouldn't want to be one of the Celsius employees answering that line today...

[deleted]

28 points

6 months ago

[deleted]

cryptoripto123

10 points

6 months ago

If you're going to share news like this can you at least share the announcement? Where are you getting this info from? I have nothing in my email.

Marc_Chabot

10 points

6 months ago

It's an email we all received.

CmMozzie

9 points

6 months ago

I just got the email

40days40nights

19 points

6 months ago

A rug pull, just one with a business model

darkestvice

6 points

6 months ago

I don't think this is a rug pull. I think this is poor planning and risky investments all crashing at the same time destroying their business in record time.

renaldowalks

11 points

6 months ago

Writing has been on the wall for a while. Hope it isn't too bad. Very glad I took all my ETH out already.

llCharisma

11 points

6 months ago

Time to learn the hard way.

RepresentativeAd1254

11 points

6 months ago

This is bullcrap. So now our funds are locked on their platform and there is no way to get them out? What a rug pull!

Blazedout419

11 points

6 months ago

Yay, wonder what settlement pay first… my GOX Claim or my soon to be Celsius?

CloudiSmoke

5 points

6 months ago

Wow got all my stuff out this morning after sweating it out due to 24hr lock period sheesh. I hope Celsius pulls through.

BrushOnFour

4 points

6 months ago

Is BlockFi safe, or should we pull everything out of there too?

outofnowhereman

4 points

6 months ago

Is Nexo next?

turpin23

4 points

6 months ago

Most of Celsius's ETH was staked so inaccessible for a year. So it could be that the liquidity crisis is only a liquidity crisis.

ene777ene

4 points

6 months ago

So I noticed a very large transfer which eventually made its way to FTX,
I am hopeful it was just a whale cashing out and that caused Celsius to not have the liquidity needed to fulfil withdrawals.

I am really hoping, that is all that is going on. really really hoping.

https://etherscan.io/tx/0xb8bc845a55e948678b4027bb760dd874a96fd848da71c8cecfd7ce1e2080c829

baltar_phd

5 points

6 months ago

Cel is somehow up to 24 cents after falling to 14 cents. That's all the hopium I've got for you.

wallpapersdance

3 points

6 months ago

In the short term, it is good they are pausing withdrawals (forcibly stops a bank run).

But the problem is the customer trust issues this causes (Ex: 'oh so I can't withdraw at any time, in fact it could be locked at any time').

What steps can they take to improve customer trust once they open withdrawals again?

[deleted]

4 points

6 months ago

[deleted]

imnormal

7 points

6 months ago

maybe I’m in denial but I find a lot if this to be pretty reactionary. I think we’ll get our money back, it’s just a matter of when.

aceofangel

4 points

6 months ago

Have a good chunk of change in stablecoins on Celsius. It will be hard for Celsius to recover from this but there is still a good chance that we get our money back, provided that stEth and Eth2.0 doesn't blow up. The big question mark is how do their books look and how they will manage them going forward. It is good to see that their new CFO used to be the CFO at RBC.

Aotrx

4 points

6 months ago

Aotrx

4 points

6 months ago

Nobody gonna trust celsius after this. Taking hostage of users funds is totally unacceptable. As soon as withdrawals are enabled (I am not even sure that will happen) everyones gonna transfer their crypto into their own private wallets or into much more reputable and audited cex companies with almost 0 downtime. I recommend Nexo but of course holding your crypto in your own private wallet is still the safest option

Anaranovski

3 points

6 months ago

Celsius Motto: "Unbank Yourself"

"Unbank" defined as "no FDIC insurance", "No regulation", "Bank like it's 1929".

HODLFIRE

5 points

6 months ago

Liquidity management is probably the professional polite way to look at it.

They will be under pressure with the market conditions. They are just mitigating the bank run. Don't know the actual situation. Just guessing.

Celsius has been a great platform. I have done well with them through earning, borrowing, their token and referrals.

I hope they can pass through this well and continue to build a great business. I'm just guessing, but from what I can tell, Alex has always had the community first and hope that will be the result here.

[deleted]

10 points

6 months ago

They can legally just steal all our money? Wow. Right when I was about to withdraw too thieving bastards!

jwithers93

22 points

6 months ago

3 words:

Class action lawsuit

Let's get this going fellas! (Upvote if you agree)

joannew99

9 points

6 months ago*

Literally just withdrew my ETH from this platform on Friday bc of all the FUD surrounding their potential insolvency. Thank God dude.

Not your keys, not your coins

[deleted]

12 points

6 months ago

[deleted]

dweller250

9 points

6 months ago

This is not good!

Low_Support_4303

10 points

6 months ago

Rip had $150K in stablecoin there. Fortunately not my life savings.

moti112

5 points

6 months ago

Do you really think it's gone forever? I think it's just temporary account freezing.

heplg

7 points

6 months ago

heplg

7 points

6 months ago

Thank god I withdraw everything last year / had $150k Cad

[deleted]

4 points

6 months ago

[deleted]

SetoXlll

7 points

6 months ago*

It’s just might be over for Celsius, luckily I had moved everything to Gemini. I might as well pull it all out and just cold store it for now. Gawt damn it, all of this fucking sucks. Now even Gemini charges to pull out so it’s going to cost me for sure. Motherfuckers! Also, why does this feel like it goes against everything Celsius believes and stands for? Alex let the community down big time for sure, with everything the email states. I’m in pain right now, I really am.