TheMoonCarl, a crypto Twitter celebrity, said he lost $200 million to the Celsius Network, one of the largest bitcoin lenders. This might be connected to the 80 percent drop in the price of CEL, Celsius Network’s native token, in the previous 24 hours.
Celsius Network’s plans to prohibit all withdrawals, swaps, and transfers between accounts, which were communicated on June 12, 2022, resulted in a sharp drop in the price of CEL. Celsius Network has a subscriber base of around 1.65 million people, according to TheVerge.
Celsius says that freezing withdrawals was important for the general community to sustain liquidity and operations while they conserve and protect assets. According to the press release, customers will continue to collect incentives throughout the pause time.
CEL’s price is expected to continue unfavorable, according to a community of users on CoinMarketCap. Many of them express their displeasure with Celsius‘ decision to cut withdrawals in half. Some users dubbed the Celsius Network a fraud, a Ponzi scheme, and other derogatory terms.
CEL is now trading at $0.2173 at the time of writing. Similarly, its market capitalization has dropped nearly 48 percent in the previous 24 hours to $48,726,108. It reached an all-time high of $8 a year ago and has subsequently fallen by 97.51 percent.