Bitboy Crypto was gearing to Sue Celsius, but then suddenly remembered that it promoted Celsius on the platform. The crypto crowd is angry. Here is the full story.
The early days of the crypto-bullish phase were different. People really believed that “unbanking themselves” was how they could move forward. The promise of no intermediary, no over-complicated regulation is how Celsius was able to turn into a multi-billion-dollar platform within a few years.
The story has changed since the crypto-crash. Celsius has gone from being the world’s leading crypto lending platform to an entity planning on corporate restructuring. It has frozen withdraws, and from the buzz we’ve been getting, it seems that the entire network is about to liquidate.
People are angry and want answers, not more so than popular crypto investor Ben Armstrong. The disgruntled investor was on the warpath, contemplating legal action against the once-leading-crypto-lender Celsius. However, he had to change his tone after realizing that he was the one who promoted Celsius.
Ben Armstrong is the face of Bitboy Crypto, a crypto news platform geared at informing the world about cryptocurrencies in simple terms. The platform also has a popular YouTube channel with over 1 million subscribers.
After the Terra Crash sent the crypto ecosystem into panic, it created a chain reaction that punched Bitcoin to below 2k levels, Ethereum to below 1k levels, and wiped out several budding cryptocurrencies.
But the impact really started to gain ground when stETH, the staked Ethereum, lost its peg with Ethereum. Worried by the crypto freefall, many individuals and large institutions went on a dumping spree – creating a massive sell pressure that aggravated the price dropping speed of crypto.
The rapid loss in the market spelled doom for many cryptocurrency exchanges and lending platforms. Panicked and wanting to sustain themselves in a volatile market, these platforms took some real anti-consumer measures. Celsius, the biggest crypto lending platform that made it a habit to demean other platforms on social media, did the unthinkable: it froze the withdrawals.
Source: Crypto Hot News