What happened to Celsius Network: a year in review
What was once a beacon of hope for cryptocurrency investors spiraled into a major financial fiasco. The crypto lender Celsius Network (CEL) that promised a new dawn in the decentralized finance (DeFi) movement collapsed in June 2022, sparking a wave of skepticism about the future of digital currency. A year later, we look back at the events that unfolded and assess what lies ahead for the crypto market. Born with the ambition to mimic traditional banking but with a crypto flavor, Celsius Network enjoyed a brief moment of success before facing insurmountable challenges. At its peak, the company claimed to have 1.7 million users, managed assets worth $11.7 billion, and made loans exceeding $8 billion. Then came June 13, 2022. Citing “extreme market conditions,” Celsius Network decided to freeze all customer accounts. This unexpected move sent the price of bitcoin (BTC) and other cryptos into a tailspin, causing a ripple effect in the market. Celsius’ fin...