Reasons Crypto Platform Celsius Appears to Be Insolvent

Jun 15, 2022

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Reasons Crypto Platform Celsius Appears to Be Insolvent

Originally posted here.
By: Adewumi Victor

Overview

As “the season of red” continues in the cryptocurrency world, Celsius, a do-it-all fintech app that gives users easy and trusted access to crypto services, as of June 14, appears to be insolvent. This state of insolvency can be attributed to two wrong moves made by the cryptocurrency platform. The first of the moves is when it uses on-chain leverage and the second is using stETH.

The stETH move is a problem that came up when the company used an ETH derivative called stETH to pump up its ETH yield and to attract more investors to …

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