The world of cryptocurrencies in turmoil. Where is the customers’ money?

  • Celsius, the largest cryptocurrency lending platform, froze withdrawals on Sunday
  • According to Insider, customers say their money is worth between $2,300 and $105,000. are trapped in the application
  • This crisis reveals a key flaw in a decentralized financial system where customers do not enjoy the same protection as traditional accounts
  • Other such analyzes can be found on the main page of Onet.pl

Angry customers with $2,300 to $105,000 in cryptocurrencies. They complain that their funds will be trapped in the Celsius network until the lockdown is lifted. But no one told them when that would happen, they tell Insider.

Celsius user frustration shows how decentralized finance traffic, despite its promises to empower individual customers, he leaves the holders cryptocurrencies without protection provided by traditional accounts.

Nobody knows where the money is

Celsius accepts customer deposits in cryptocurrency in exchange for high returns by lending tokens to other businesses and individuals. As of May, the five-year-old platform managed assets worth $11.8 billion, with a base of 1.7 million customers.

However, as the entire cryptocurrency market faced a brutal bear market, the number of users plummeted.. To stabilize the situation, Celsius stopped allowing customers to withdraw funds on Sunday. Customers say there is now a message instead of the withdraw button saying it has been suspended.

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