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The announcement sent Celsius into a full meltdown and within a few weeks, it filed for Chapter 11 bankruptcy. As cryptocurrency prices slid in June, the firm spiraled into a liquidity crisis, announcing that it was freezing withdrawals “due to extreme market conditions.” That’s why experts say it’s important to only invest in crypto what you can afford to lose, even if you’ve been investing for a long time.Ĭelsius was known as an experimental cryptocurrency bank with more than one million customers that offered yields as high as 18% to investors who were willing to loan their crypto on the platform. Even seasoned investors have lost big amounts of money this year. Hart’s experience is a prime example of the risks that come with cryptocurrency. Hart has been investing in cryptocurrency for the last decade and says if he had known the kind of risks Celsius was taking, he wouldn’t have invested his money with the lending platform. “They gave a spread to investors I thought was reasonable.” “I was under the impression they were a stable lending platform that charged one price to lenders and another to borrowers,” says entrepreneur and investor Brad Hart. Like other crypto investors, Hart took a permanent loss when cryptocurrency lending platform Celsius Network went down earlier this summer. For more information, see How We Make Money. Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. We want to help you make more informed decisions.
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