Monday, February 26, 2024

Celsius Continues With Its Weekly Rewards, The Community Is Confused

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Celsius continues with its weekly rewards but the community is confused because of the situation that the lender is in right now so let’s see what is happening exactly in today’s latest blockchain news.

Some Twitter users called it insulting that Celsius continues with its weekly rewards despite pausing withdrawals. The members of the crypto community on Twitter were left baffled by the platform continuing to pay weekly rewards despite stopping the withdrawals two weeks ago. The crypto lending platform Celsius paused the withdrawals due to extreme market conditions in the bear market. The reprots followed that the company was undergoing liquidity issues and could be heading towards insolvency which can put the users’ funds at risk.

Figures like Simon Dixon and more tweeted this news to their followers and said they recieved nearly $4000 worth of rewards but were unable to withdraw them:

“Email on one of my accounts. Can’t withdraw but @CelsiusNetwork is still paying out. I’m curious if you think the rewards should still be coming? Thoughts?”

Upon searching Celsius still paying on Twitter, there are many users raising questions over the platform with some calling it insulting that it continues to pay the weekly rewards while keeping their crypto hostage. The Celsius website is undergoing revamp phase due to liquidity issues but the company is still advertising annual percentage yields of up to 18.63% on deposits. SNX as the native token from DEFI platform Synthetix is the only asset that the promotional offers at this time. The top tier stablecoins like DOT and MATIC offered APY as high as 11.87%.

Celsius also seems to be offering 10% rewards on first deposits of up to $250,000 despite not allowing users to withdraw from the platform. While uncertain about the fate of the funds belonging to celsius, the company onboarded advisers from consulting agencies to help them with the filing of bankruptcy. Celsius also hired lawyers to help with its financial woes. Also, we saw the rumors that CEO Alex Mashinsky is trying to flee the US but was stopped by authoriteis but the company denied the allegations.

As recently reported, Celsius’s statement came after Mike Alfred, the co-founder of Digital Assets Data, claimed that Mashinksy tried to leave the country last week via New Jersey. Alfred alleged that the CEO was trying to go to Israel but it is unclear at the moment whether he was arrested or only barred from leaving.

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