Peter Schiff On Celsius: "The Yields Were Very High, Which Meant They Were Taking A Large Amount Of Risk"

As many people know, crypto lending company Celsius suspended withdrawals from its platform late Sunday night. I documented what I have been calling “The Mashinsky Moment” in a blog post published late last night.

Celsius wrote in a “Memo to the Celsius Community”:

Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.

The post continued:

Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

The company said it is taking the action to “stabilize liquidity and operations”.

Late Sunday night I also discussed the implosion with my good friend Peter Schiff in a one hour and thirty minute long Twitter spaces event.

You can listen to my entire conversation with Peter at this link or you can click on this tweet and access the embedded audio:

Recall, it was just about six months ago when I wrote an article about some of the absolutely batshit insane statements made by Celsius CEO Mashinsky while debating Peter Schiff on the merits of crypto versus gold.

While Bitcoin Hits New Lows Gold Bug Peter Schiff Blasts the Top Crypto and  Supporters – News Bitcoin News
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