Celsius Faces a Revolt as a High-Yield Crypto Plummets
Tensions are boiling over at the giant crypto lending platform Celsius Network. Some customers say they were unfairly wiped out in the recent crash and its chief executive says unknown malefactors are trying to bring down his company.
While it is little known outside crypto circles, Hoboken, N.J.-based Celsius Network LLC is one of the largest crypto-lending firms in the world, with more than $11 billion worth of assets, according to the company. It is part of a fast-growing ecosystem of firms that take cryptocurrency deposits.At Celsius, investors can choose to earn their yield in the form of the crypto they deposit, but the highest yields go to those willing to take interest in the form of CEL, the company's own token.
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