Dogecoin DOGE/USD cofounder Jackson Palmer took to Twitter Inc 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/baMmrRvq8p
— Jackson Palmer (@ummjackson) July 14, 2022
Earlier 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.
“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 BTC/USD was trading at $20,000, gaining 2.96% and Ethereum ETH/USD was trading at $1,105, up 4.42% over the same period.
Photo via mundissima on Shutterstock
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