ICYMI: Celsius users fear collateral liquidation amid transfer freeze
Users who had loans with Celsius have taken to social media to share their concerns over having their collaterals liquidated after being margin called.Following crypto lending firm Celsius’ decision to freeze all transfers and withdrawals Sunday, some investors have taken to social media over concerns that their loans will be liquidated as they’re unable to top off their collateral.
As of Sunday, anyone with funds on the platform has been unable to withdraw, swap, and transfer. Some users took to social media to say that they have lost their collaterals. The Block has reached out to the company but has not heard back in time for publication. “I have a loan on @CelsiusNetwork that has a margin call, but scared to deposit more money with no guaranteed that I will be able to withdraw once the margin call is fulfilled and loan is paid off.”that stipulates that if the company goes “bankrupt, enters liquidation or is otherwise unable to repay its obligations, any Eligible Digital Assets used in the Earn Service or as collateral under the Borrow Service may not be recoverable.
In an FAQ posted Tuesday, Celsius said that customers who receive a margin call should reply to the email"as soon as possible" and tell the loans team that they want to resolve it by posting additional collateral of fully paying off the loan. Only last week, however, did he decide to also pay off his $135,000 loan in order to get his collateral back. He was able to pay back $95,000 initially and on Sunday“Usually the bitcoin would be set within 30 minutes and it was pending and pending and pending,” he said. “I just overexposed myself to Celsius, because at the very least — yes they have more Bitcoin than I had borrowed USDC from them — but now I sent USDC and I didn't get my bitcoin back.
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