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Usha Yadav
Jun 28, 2022
by Usha Yadav

Despite Pausing Withdrawals, Celsius Continues to Pay Weekly Rewards

Celsius Withdrawals

Table of contents

  1. Celsius Advertising Annual Percentage Yields
The struggling Celsius Network has baffled members of the cryptocurrency community on Twitter by continuing to pay weekly incentives despite pausing withdrawals two weeks ago. Celsius halted withdrawals due to "severe market conditions" brought on by the current bear market. The company reported liquidity problems and might be on the verge of insolvency, thus putting consumers' funds at risk.

The CEO and co-founder of the online investment platform BnkToTheFuture and an early adopter of Bitcoin (BTC), Simon Dixon, tweeted his confusion to his 59,300 followers on Monday after receiving cryptocurrency incentives worth around $4,000 but being unable to withdraw them:

Numerous users are raising concerns about the loan platform. Others, like CryptoStylesUSA, have called it "insulting" as Celsius is giving out weekly prizes while holding their "crypto hostage."

Celsius Advertising Annual Percentage Yields

The company is still promoting annual percentage yields (APYs) of up to 18.63% on cryptocurrency deposits, which many have said is unsustainable, according to Celsius' website, which is now undergoing redesign owing to the liquidity concerns. Additionally, Celsius is offering 10% bonuses on initial deposits up to $250,000 even if the platform does not yet permit withdrawals. Even though it's still unclear what would happen precisely to Celsius users' money, the company hired consultants from a management consulting firm before it might go out of business. On June 14, Celsius also hired attorneys to aid the company's restructuring due to financial difficulties.

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Celsius Celsius Network Simon Dixon Weekly Rewards
Despite Pausing Withdrawals, Celsius Continues to Pay Weekly Rewards
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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