Here’s What Made 13th June One Of The Worst Days In Crypto

The first half of 2022 wasn’t productive for crypto, but over the few days, things seem to worsen further.

Celsius Network Rumoured To Go Insolvent

Celsius’ cel token is down by over 50% in the last week, and it fell by about 33 cents in the last year. The Celsius network is its biggest holder.

Earlier, Celsius revealed that it had lost funds due to the $120 million BadgerDAO hack BadgerDAO is a decentralized finance platform.

On Monday, the lending platform created shock waves as it announced that all withdrawals, swaps, and transfers between accounts were halted due to “extreme market conditions.” The platform also noted that the move was designed to “stabilize liquidity and operations.”

In a memo, the company said that it is taking this action to put Cerlisus in a better position and eventually remove its withdrawal obligations.

The Celsius Network has put its $12 billion in crypto assets under management, winding rumours about the platform’s solvency.

Binance Halts Bitcoin Withdrawals

On Monday, the world’s largest crypto exchange, Binance also paused the withdrawal of Bitcoin for more than three hours because of a stuck transaction that caused a backlog.

Changpeng Zhao, the CEO of Binance, informed us that it would take half an hour, later saying that it might take “a bit longer” than what was expected earlier. The service was restored at about 11:30 a.m.

Binance in a tweet informed that a batch of $BTC transactions got struck because of low TX fees, leading to a backlog of BTC network withdrawals.

BlockFi Announces Layoffs

BlockFi, a start-up backed by Peter Thiel, is the new addition to a growing list of crypto firms who are performing layoffs.

The firm announced on Monday that it’s going to cut about 20% of its workforce. At the end of 2020, the company on-boarded new employees leading to a count of over 850.

CEO Zac Prince tweeted, revealing that the significant shift in macroeconomic conditions had a “negative impact” on the growth of BlockFi.

A trend of this kind seems to be forming as Crypto.com announced late last week a staff reduction of 260 employees, just seven months after the company was granted naming rights to the field that’s home to the NBA’s Los Angeles Lakers in a $700 million deal.

Gemini also announced earlier this month that it will be laying off 10% of its staff and also warning that the industry is in a “contraction phase” called “crypto winter.”

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing