Dogecoin (CRYPTO: DOGE) cofounder Jackson Palmer took to Twitter Inc (NYSE: NYSE:TWTR) to share his disapproval of bankrupt crypto lender Celsius Network.
What Happened: “Mind-boggling that even though they've filed for bankruptcy, you can still click "Get Started" on the Celsius website and they'll advertise you the 17% APY on the registration page,” said Palmer in a tweet on Wednesday.
Mind-boggling that even though they've filed for bankruptcy, you can still click "Get Started" on the Celsius website and they'll advertise you the 17% APY on the registration page. pic.twitter.com/baMmrRvq8pEarlier in the day, Celsius said it had filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York.— Jackson Palmer (@ummjackson) July 14, 2022
“This is the right decision for our community and company,” said Celsius CEO Alex Mashinsky in a statement.
Celsius first halted withdrawals on its platform on June 12 citing “extreme market conditions.” The platform’s native token CEL crashed 55% shortly after the news was announced.
Price Action: At press time, CEL was trading at $0.6, down 20% over the last 24 hours. As per data from Benzinga Pro.
Bitcoin (CRYPTO: BTC) was trading at $20,000, gaining 2.96% and Ethereum (CRYPTO: ETH) was trading at $1,105, up 4.42% over the same period.
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