The Celsius encryption network has stopped all transactions, including withdrawals, according to a company press release released overnight. The unusual move comes as the big cryptocurrencies plummeted over the weekend and there are serious questions about whether Celsius will ever allow users to withdraw their money thanks to some rather slippery language in terms of service. “Due to the extreme market conditions, today we announce that Celsius is suspending all withdrawals, exchanges and transfers between accounts. “We are taking this action today to bring Celsius in a better position to meet, over time, his withdrawal obligations,” the company said in a statement to Medium. “Acting in the interest of our community is our first priority. In order to serve this commitment and to comply with our risk management framework, we have activated a clause in the Terms of Use that will allow this process to take place. “Celsius has valuable assets and we are working diligently to meet our obligations,” the announcement continues. Celsius, which claims to have 1.7 million users, allows people to trade large cryptocurrencies such as bitcoin (down 13.2% in the last 24 hours) and ethereum (down 17%), all while promising incredibly high returns for people who own (HODLing, in Community language), with the service. But what are these “terms of use” to which Celsius refers? First, these terms of use allow Celsius to stop all transactions, as they have already done. They also explicitly say that if Celsius goes bankrupt, you may not be able to access any of your money again, something American consumers at traditional banks need not worry about thanks to the FDIC.
Clocky: The Runaway Alarm Clock
Alarm on wheelslocky, the escape alarm is the rolling, jumping, moving alarm. It is the durable alarm next to the bed that will run away, hide, move, roll, grind, beep and jump (from a 3-foot bedside table). It moves (on carpet or wood) and changes directions over and over until you get up to turn off Clocky! Buy for $ 40 at StackSocial From the Terms of Use at Celsius: In the event that Celsius goes bankrupt, enters into liquidation or otherwise fails to repay its liabilities, any Eligible Digital Assets used by Earn Service or as collateral under the Lending Service may not be recoverable and you may not be legally Celsius’s obligations or liabilities to you, in addition to your rights as a Celsius creditor under any applicable laws. Surprisingly, Celsius claims that users will continue to “accumulate rewards” while everything else is on hold — which obviously means that users will earn these ridiculously high interest rates on the Internet. But it is not clear what the good interest rates would be if Celsius were not able to bring the functions back into operation. “We are taking this necessary action for the benefit of our entire community, in order to stabilize liquidity and operations, while taking measures to preserve and protect assets. In addition, customers will continue to reap rewards during the downtime in line with our commitment to our customers, ”Celsius said. These “rewards” and ridiculously high interest rates all sounded great, according to a Celsius promotional video uploaded to YouTube in April entitled “Why choose Celsius?” When can Celsius users expect to gain access to their money? The company seems to have expected people to go crazy. And they still do not make any promises for a schedule. “We understand that this news is difficult, but we believe that our decision to discontinue withdrawals, exchanges and transfers between accounts is the most responsible action we can take to protect our community. We work with a single goal: to protect and preserve our assets to meet our obligations to customers. Our ultimate goal is to stabilize liquidity and restore withdrawals, exchanges and transfers between accounts as soon as possible. “There is a lot of work ahead, as we look at different options, this process will take time and there may be delays,” Celsius said. Do you catch all this? There may be delays. For his part, Celsius founder and CEO Alex Mashinsky has been on social media for the last few hours since the withdrawal was announced. But it was not until Saturday night that Mashinsky accused people who questioned Celsius’ liquidity of spreading “FUD,” an acronym for the world of cryptocurrencies, meaning “fear, uncertainty, and doubt.” Mashinsky did not immediately respond to an email from Gizmodo early Monday morning. Blaming someone for spreading FUD is one of the biggest insults to the crypto community, but it does not appear that FUD has spread at this point. It was old-fashioned, sound skepticism about cryptocurrencies — a way to make money that seemed to work more like a pyramid scheme than a sound financial system. The closure, at least temporarily, of Celsius is not the first major explosion in recent weeks. Terra and Luna cryptocurrency melted when her stablecoin entered a death spiral in just a few days. What did Luna founder Do Kwon do after he lost millions? A new currency called Luna 2.0 has been launched. You almost have to respect audacity. Almost.
