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Cel Token Looks Like The Next Victim

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Cesc0410
@chekohler
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3 min read

The shitcoin market is entertaining for a maxi like me, I love watching people play stupid games and win stupid prizes. Luna has been taking most of the headlines, but Fantom and its stablecoin ponzi have been hit hard too. I will probably do a review one that one once it hits bottom but we've got other fish to fry today

It seems like everyone's favourite CEFI platform is starting to have a little trouble, I've used Celsius in the past. I've long since moved on from using this shitcoin casino once I did my purge of centralised products and services, something I think everyone should do, but if you don't that's fine, but remember that you are an unsecured lender, and your coins could be taken from you if the service shits the bed.

Cease and Celsius

The trouble started a month ago, It seems that Celsius is the new target after the SEC took BlockFi to task and they had to pay $150 million. Now it seems over half a dozen state regulators have gone after Celsius issuing cease-and-desist orders and demanding that they stop operating in their jurisdictions, while others have requested them to prove that their products are not securities.

Cel rewards dry up

Last month, Celsius updated its “Risk Disclosures” messaging to warn customers that its native CEL token faces significant regulatory risks as they are holding an unregistered security. To over their arses Celsius also banned nonaccredited U.S. investors from earning rewards on its Earn platform. In a bid to keep regulators off their case.

That was enough to freak a lot of users out, and then we saw a bank run on the service and their native token.

Cel token in free fall

The token has taken a bashing in the last 24 hours with 50% of its value evaporating and I can't see that trend reversing, who is going to want to own unregistered securities?

As Cel crashes further we've seen the buy wall for the token evaporate and the largest buy order of 2.5 million tokens is sitting at $0.00, so if users are willing to give it away someone will redeem it, that can't be a good sign.

I don't know when shitcoiners are going to learn, but it looks like it's going to be a long and painful road for them, and loads of laughs for me.

You can always come over to bitcoin, there's plenty of room to get on the life raft or you can #hfsp

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