Name Price24H (%)
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2.37%
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-0.86%
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0.87%
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$1.19
-1.06%
Celsius Network execs deny rumors of significant losses amid...
News

Celsius Network execs deny rumors of significant losses amid market volatility

The fallout from extreme volatility in the crypto market hasn’t significantly affected Celsius Network, according to its leadership. 

Seemingly in response to a now deleted tweet from Twitter user David Belle that claimed the platform had been “completely wiped out,” Celsius CEO Alex Mashinsky posted a message to his more than 172,000 Twitter followers that “all funds [were] safe” and the platform was continuing to do business. Mashinsky acknowledged the “extreme market volatility” currently impacting projects including Terra (LUNA) and stablecoin TerraUSD (UST).

The LUNA price has fallen more than 93% in the last 24 hours to reach $2.18 at the time of publication following a mass sell-off, with UST having dropped roughly 40% to a price of $0.55. On Tuesday, Terra co-founder Do Kwon hinted at a “recovery plan,” later adding he supported community proposals to increase the project’s minting capacity. However, Mashinsky said that the platform was “not involved in any Luna bailout” in an effort to save the project.

“Our top priority is to ensure that all digital assets on our platform remain safe and secure,” Rod Bolger, chief financial officer at Celius, told Cointelegraph. “Our front office teams also think and act like risk managers to ensure that we are not exposed in any significant way to market swings. Our liquidity position remains very strong.”

Related: Terra (LUNA) hits new all-time high after 100% rebound from 2022 lows — Correction ahead?

The uncertainty around UST’s de-pegging from the U.S. dollar has impacted the price of major cryptocurrencies including Bitcoin (BTC) and Ether (ETH), both of which have fallen more than 21% in the last week. Major crypto exchange Binance also temporarily suspended withdrawals of LUNA and UST withdrawals on Monday, citing network congestion.

Source: Cointelegraph.com

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