Celsius is insolvent, please get your funds out now


I’ve posted on this before, but as a long-term investor in Celsius, and someone involved in crypto since 2011, it bears all the hallmarks of an insolvent operation, similar to Mt. Gox and Quadriga CX.

Copy and pasting one of my prior comments (further thoughts below):

I recently withdrew all my funds from Celsius, something smells wrong about it to me.

Delayed withdrawals, or very annoying measures put in place for withdrawls. Classic hallmark of an insolvent or fraudulent operation.

Loans from Tether. AKA not solvent. Anything touching Tether I don’t want anything to do with.

The CEO and his wife have been dumping CEL tokens for the last year. If they’re dumping, the writing’s on the wall

The app itself makes it VERY annoying to withdraw funds, while depositing is easy and instant.

edit: Outflows from Celsius are over half a billion now.

edit2: I don’t want Celsius to fail, don’t want any crypto company to fail. I kept funds with them for quite a while. I think the CEO isn’t dishonest. But the financial backing is, unfortunately.

For these reasons, I’m out.

Please get anything you can out of Celsius. I watched a lot of videos with the CEO on various YouTube channels, I don’t think he’s necessarily fraudulent, but with the halted withdrawals, Tether loan influx, please, get your money out. The money backing Celsius (Tether, based in the Cayman Islands, please do your own reading) Celsius isn’t based on sound principles.

Thanks for coming to my TED talk.

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