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Celsius Network On the Verge of Bankruptcy? Will the Crypto Space Crash Amid the fear of Liquidating Another 18K BTC

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Coinpedia - Fintech & Cryptocurreny News Media
By Sahana Vibhute

The Celsius Network has dropped more than 50% since the early trading hours and the platform quickly halted the transfers & withdrawals within no time. Additionally, the staking & lending platform is also rumoured to have transferred nearly $250 million worth of Wrapped Bitcoin(wBTC), Wrapped Ether(wETH) and other assets, from Aave to the FTX exchange.

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As previously, Bitcoin has been severely impacted by the LUNA-UST peg, now Ethereum is feared to lose hefty value, if the CEL token continues to drop. Similar to the LUNA-UST-ANC crisis, ETH-stETH & CEL crisis has now dragged the global crypto market cap below $1 trillion now.

Celsius network directly owns more than 330 million CEL directly and with the prices dropping hard, more than $150 million has been whipped out from the companys balance sheet. Moreover, multiple companies have exposure to Celcius Network. Tether, where more than $1 billion is lent to Celcius, NuriBanking which sends all its funds to Celcius & Gemini, where Celcius claimed to hold nearly $100 million GUSD. While Voyager is also suspected to be on the list, the CEO of the firm has squashed all the claims.

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