Their Crypto 'Bank' Failed and They Lost $6M Overnight

George and hundreds of other Celsius clients got an email on June 12 at 10:20 p.m. saying, "Due to extraordinary market circumstances, Celsius is stopping all withdrawals, Swap, and account transfers.

"I knew they had exposure, but never believed they'd lock up our assets," George told GOBankingRates.
George was astonished but quickly transferred his holdings on Voyager to cash.

His family has been on a "emotional roller coaster" for the last three months, he adds.

“My concern is that I moved all my wallet into cefi [centralised finance] platforms at the beginning of the pandemic,” George said. "I joined in summer 2020."

When compared to banks, stablecoins (USDC, Tether) paid 10% interest.
George said Celsius emailed consumers every Monday with their interest earnings.

"Dopamine hit. Safe. Once, they managed $18 billion. “Alex Mashinsky conducted an AMA every Friday and I met him twice at conferences,” he stated.


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