It's getting hot in here.
Investors were burning up social media on after the crypto lender Celsius Network said that it would suspend indefinitely various transactions, including withdrawals of funds.
"@CelsiusNetwork is pausing all withdrawals, Swap, and transfers between accounts," the company said on its Twitter page. "Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community."
'The Comments Have Started!'
The announcement cranked up all manner of speculation, which only intensified when crypto firm Nexo AG said that it sent a letter to Celsius containing an offer to buy "remaining qualifying assets of Celsius Network LLC and Celsius Lending LLC."
Social media went berserk following the Celsius announcement as investors expressed their outrage.
The excitement prompted one Twitter user to state that "at least it's entertaining" and post the image of man laden with soft drinks and buckets of movie popcorn.
"Hurry!" the fellow tells his companion. "The comments have started!"
Indeed they have and they were coming in fast and extremely furious.
"Celsius is about to become the poster child for why you should never handover your #Bitcoin," one commenter said. "Stop trying to pick up penny’s in front of a steamroller."
"This tweet did not age well," another person noted, posting a June 11 tweet from the company saying "PSA: Swapping coins with Celsius takes less time than it took to write this tweet. #SwapWithCelsius."
'The End of Me'
"This one was better," one person responded, posting a 2019 from the company that encouraged investors to "#UnbankYourself with Celsius and join the next generation of financial services--no fees, no penalties, no lockups, no profits."
Bear in mind that investors are still reeling from the UST/Luna coins scandal. UST, or TerraUSD, a so-called stablecoin, lost its dollar peg when millions of investors all wanted to redeem their tokens at the same time.
The debacle of UST and Luna, which are sister tokens belonging to the Terra ecosystem, caused more than $55 billion in losses for investors.
"I have USDC in my account that I want to use to repay my loan that has a margin call right now," one person said, referring to the stablecoin that is pegged to the US dollar, "but I can't even repay the damn loan because of the transfer freeze. That's ridiculous. If the market tanks, celsius will liquidate my collateral even though I can pay off my loan!!!"
"This is such sh@t. I have lost 100k in UST," another commenter tweeted. "I have 40k left in @CelsiusNetwork. This will be the end of me if I loose that money."
"Due to inflation, Celsius is rebranding to Fahrenheit," another person tweeted.
"let me know when it rebrands to Kelvin," came one response.
'Please Take Care of Yourself'
Over on Reddit, a commenter posted a video clip of the animated program "South Park," that featured a banker clicking at a keyboard and announcing "ANND it's Gone."
"In all seriousness, everybody is freaking out and I get it but here's the thing. AINT NOTHING WE CAN DO HOMBRES," another Reddit poster said. "Sit back, relax if it works itself out it will. I stupidly had about 70% of my entire portfolio in Celsius and it sucks but somebody is always going to be worse off in this situation than you so make sure to look out for your peers and yourself. On the plus side, BTC and ETH are looking tasty."
And another person addressed concerns about people harming themselves, a concern that also cropped up during the UST/Luna coins collapse.
In a post entitled "Please Take Care of Yourself," the commenter said. "At the end of the day your life is worth far more than money. Money can always be made again. Don't hesitate to reach out to someone in your life or even here if need be."
