{"id":465531,"date":"2022-06-20T06:49:00","date_gmt":"2022-06-20T03:49:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-crypto-lending-platform-celsius-says-itll-take-time-to-stabilize-its-liquidity\/"},"modified":"2022-06-20T06:49:00","modified_gmt":"2022-06-20T03:49:00","slug":"crypto-crypto-lending-platform-celsius-says-itll-take-time-to-stabilize-its-liquidity","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-crypto-lending-platform-celsius-says-itll-take-time-to-stabilize-its-liquidity\/","title":{"rendered":"#Crypto: Crypto lending platform Celsius says it\u2019ll \u2018take time\u2019 to stabilize its liquidity"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36c4232f7e6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36c4232f7e6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-crypto-lending-platform-celsius-says-itll-take-time-to-stabilize-its-liquidity\/#%E2%80%9CCrypto_Crypto_lending_platform_Celsius_says_itll_%E2%80%98take_time_to_stabilize_its_liquidity%E2%80%9D\" >&#8220;Crypto: Crypto lending platform Celsius says it\u2019ll \u2018take time\u2019 to stabilize its liquidity&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-crypto-lending-platform-celsius-says-itll-take-time-to-stabilize-its-liquidity\/#Meanwhile_crypto_lending_app_Solend_moves_to_take_over_its_largest_account_to_preserve_liquidity\" >Meanwhile, crypto lending app Solend moves to take over its largest account to preserve liquidity<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-crypto-lending-platform-celsius-says-itll-take-time-to-stabilize-its-liquidity\/#Mike_Murphy\" >Mike Murphy<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCrypto_Crypto_lending_platform_Celsius_says_itll_%E2%80%98take_time_to_stabilize_its_liquidity%E2%80%9D\"><\/span>&#8220;Crypto: Crypto lending platform Celsius says it\u2019ll \u2018take time\u2019 to stabilize its liquidity&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Meanwhile_crypto_lending_app_Solend_moves_to_take_over_its_largest_account_to_preserve_liquidity\"><\/span>\n  Meanwhile, crypto lending app Solend moves to take over its largest account to preserve liquidity<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000967124\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000967124\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       A week after freezing withdrawals, embattled crypto lending platform Celsius Networks Ltd. said Sunday that that it will \u201ctake time\u201d to stabilize its liquidity and operations.<\/p>\n<p> Last Sunday, Celsius, one of the largest crypto lending platforms, announced it was \u201cpausing\u201d withdrawals, swaps and transfers \u201cdue to extreme market conditions.\u201d<\/p>\n<div class=\"paywall\">\n       <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.celsius.network\/a-note-to-the-celsius-community-e5af1f5a7998\" class=\"icon none\">In a blog post<\/a> Sunday, the New Jersey-based company gave an update on its situation, saying: \u201cWe want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time.\u201d<\/p>\n<p>\u201cAs has been a priority since our company\u2019s inception, we maintain an open dialogue with regulators and officials. We plan to continue working with regulators and officials regarding this pause and our company\u2019s determination to find a resolution,\u201d Celsius said.<\/p>\n<p><strong>Also see: <\/strong>Bitcoin skids under $20,000 in Minsky Moment for crypto: \u2018Psychologically for a lot of people, this is galling\u2019<\/p>\n<p>The company added that it is also pausing its <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> Spaces and Reddit AMA\u2019s \u201cto focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.\u201d On Friday, Celsius abruptly canceled an AMA \u2014 Ask Me Anything \u2014 session with its CEO minutes before it was to start. <\/p>\n<p>Also Sunday, users of crypto lending <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> Solend, which works off the Solana blockchain, voted to take over the platform\u2019s largest account \u2014 a so-called \u201cwhale\u201d \u2014 in a bid to preserve its liquidity and prevent excessive strain on the Solana network.<\/p>\n<p>\u201cLetting a liquidation of this size to happen on-chain is extremely risky,\u201d Solend said <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.solend.fi\/slnd1-mitigate-risk-from-whale-1504285ab4d2\" class=\"icon none\">in a blog post<\/a>.\u00a0\u201cDEX liquidity isn\u2019t deep enough to handle a sale of this size and could cause cascading effects.\u201d Users were urged to \u201cgrant emergency power to Solend Labs to temporarily take over the whale\u2019s account so the liquidation can be executed OTC and avoid pushing Solana to its limits.\u201d<\/p>\n<p>However, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.solend.fi\/slnd2-invalidate-slnd1-and-increase-voting-time-cdb3fe5b3293\" class=\"icon none\">Solend said late Sunday<\/a> it may invalidate that move following criticism over how the takeover process was conducted. It extended voting time by one day and said it will work on a new proposal that does not involve emergency powers to take over the account. \u201cBut we need to act swiftly to address the systemic risk and fact that normal users can\u2019t withdraw USDC,\u201d Solend said.<\/p>\n<p><strong>Read:<\/strong> As crypto crash deepens, here are 4 signs the worst could be yet to come<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Celsius\u2019 troubles last Sunday kicked off a rocky week for the crypto market, as bitcoin and other digital currencies continued their plunge, with crypto hedge fund Three Arrows Capital taking deep losses and fellow crypto lender Babel Finance also freezing withdrawals.<\/p>\n<p>Meanwhile, crypto lending platform BlockFi announced it would slash about 20% of its workforce, and crypto trading platform Coinbase said it would lay off 18% of its workers.<\/p>\n<p>Bitcoin<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/31322028\/realtime\" class=\"negative\">-2.62%<\/bg-quote><br \/>\n       has lost about 70% of its value since hitting an all-time high in November. Over the weekend, bitcoin slid below the $20,000 level, its lowest point in 18 months, though it briefly crept back above that level Sunday.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Mike Murphy\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/author\/mike-murphy\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/mmmmurf\",\"text\":\"@mmmmurf\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"mailto:mmurphy@marketwatch.com\",\"text\":\"mmurphy@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Mike_Murphy\"><\/span>Mike Murphy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"142_MW\" author-name=\"Mike Murphy\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fcrypto-lending-platform-celsius-says-itll-take-time-to-stabilize-its-liquidity-11655696957%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-7EC1-D439DF18753A%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Crypto: Crypto lending platform Celsius says it\u2019ll \u2018take time\u2019 to stabilize its liquidity&#8221; Meanwhile, crypto lending app Solend moves to take over its largest account to preserve liquidity A week after freezing withdrawals, embattled crypto lending platform Celsius Networks Ltd. said Sunday that that it will \u201ctake time\u201d to stabilize its liquidity and operations. Last&#8230;<\/p>\n","protected":false},"author":1,"featured_media":465532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-567404\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-465531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=465531"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/465532"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=465531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=465531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=465531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}