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Bankrupt Cryptocurrency Lender Celsius Network- Why did Celsius crash?

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Celsius specializes on the areas of customer financing, fintech, and also financial solutions. 

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It was founded in 2017 and headquartered in London, England. 

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Alex Mashinsky (birthed October 5, 1965) is an Israeli-American entrepreneur and service exec. 

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He was the founder as well as CEO of Celsius Network. Celsius Network's cryptocurrency, CEL, permits individuals ...

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to take loans, payment, as well as receive included loyalty benefits. 

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CEL is primarily made use of as an incentive tool for users accessing the Celsius Network and as a collateral money to obtain loans. 

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Celsius down payments are not FDIC-insured or SIPC-insured.  

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The U.K. government regulates deposits rather than the U.S. 

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After collecting greater than $20 billion in possessions at its height, .....

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Celsius saw the worth of its down payments melt away up until it was plunged into a solvency situation 

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Bankruptcy Court Publishes 14,000 Pages of Celsius Customer Usernames as well as Trade History. 

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Celsius Says Execs Withdrew Millions Before Bankruptcy, Court Filings Show. 

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Celsius' Top Execs Cashed Out $17M in Crypto Before Bankruptcy. 

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Ex-CEO Alex Mashinsky and ex-CSO Daniel Leon pulled bitcoin, ether, USDC and also CEL holdings from their custodianship accounts in May,….. 

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Prior to the company put on hold all client withdrawals. 

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Everything You Wanted to Know about Cryptocurrency, Before Invest

References:- 1. bitcoin.com  2. Bloomberg.com 3. crunchbase.com  4. Wikipedia.org  5. washingtonpost.com  6. coincheckup.com