Celsius is a crypto banking platform that was developed to support DeFi. Oftentimes considered among the most successful, it has attracted many users across the world.
Celsius generated revenue from token sales, lending, bitcoin mining, and discretionary trading of cryptocurrencies. Up to 80% of their revenue was paid back to members in interest on deposits made through the platform. Celsius Network did not charge any fees to its users.
After the stablecoin Terra failed, some crypto lending companies faced a major slump in their revenue. One said company was Celsius network. Which was one of the major crypto lender players in the game.
Celsius Network, a crypto lending company, has been affected by Terra’s failure. They were unable to generate enough revenue to make up for the loss. This is because they had been relying on Terra as collateral for their loans and it was not able to maintain its price. As a result, Celsius Network halted withdrawals and froze all accounts.
The crypto lender Celsius owes around $4.7B to its users according to their bankruptcy filings. The company owes many of its users back their principal plus interest and has been struggling with cash for months.
As of this time of writing the website is still up to checkout: https://celsius.network/
