A cryptocurrency lending platform that boasts 1.7 million users could be on the brink of collapse.
The Celsius Network pays interest on cryptocurrency deposits, loans them out and also sells its own token, CEL, but it froze all activities in mid-June after a particularly rough week for cryptocurrency.
Celsius, a UK-based company, has reportedly laid off 150 staff and owes around US$80 million to creditors, sparking fears that it is on its last legs.
As the price of bitcoin plunged in June amid a mass sell-off prompted by concerns of an impending financial crisis, the crypto loan giant found itself unable to cough up money to pay back its debts.
Celsius relied mostly on bitcoin to stake its fortune so after the crypto token plunged drastically last month the lender was suddenly struggling also.
It took the unprecedented step of pausing all withdrawals on its platform, and three weeks later they are still on pause.
In the last five days, Celsius has scraped together a whopping...
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