HomeCryptocurrencyCryptocurrency platform Celsius freezes depositors' funds as GPU prices falls

Cryptocurrency platform Celsius freezes depositors’ funds as GPU prices falls

With bitcoin’s price crashing more than 60% since November 2021, cryptocurrency lending platform Celsius has faced mounting trouble, freezing depositor withdrawals in mid-June of this year.

Due to the use of video cards for cryptocurrency mining, most of the stock prices of video card manufacturers fell today. Qingyun was as low as NT$36.4 in early trading, a drop of nearly 9%.

Other display card manufacturers Leadtek and Huanxun once fell by more than 4%. MSI, a major e-sports company that also has a graphics card product line, was also dragged down by the bad news of cryptocurrencies. It fell to a low of 114 yuan in early trading, a drop of more than 3%.

Retail investors begged for their money after Celsius collapsed as the price of the highly volatile cryptocurrency plummeted. The judge overseeing Celsius’ multibillion-dollar bankruptcy has now received hundreds of letters, with retail victims angry, ashamed, hopeless, and mostly regretful.

Celsius announced a freeze on customer withdrawals on June 12, emphasizing that this action is to make Celsius more able to fulfill its obligation to accept withdrawals. Celsius owes depositors $4.7 billion, according to a court filing earlier in July.

Chen Jianwei, general manager of Huanxun, attended the unveiling ceremony of the Taipei City FPGA Programmable Circuit Application Technology Teaching Center on July 25th and admitted that; In the second half of the year, the demand is not good, and the inventory of the graphics card industry may be as high as 2, 3 months or even half a year. Before the fourth quarter, there is “no light in sight”, and there is considerable pressure to destock.

Mehmet S. Kaya
Mehmet S. Kayahttps://teknonel.com
Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

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