CoinFLEX says it'll allow customers to withdraw just 10% of their funds.
Celsius Network has a $1.2 billion black hole in its finances, new court papers reveal. The embattled crypto lender also confirmed it has 300,000 active users with balances of more than $100. Withdrawals have been halted for four weeks. Explaining what happened, Celsius admitted to making "certain poor asset deployment decisions." The company also alleged it was the victim of "unsupported and misleading" media reports that caused users to withdraw funds at a rapid pace. Figures show that current user liabilities stand at $4.7 billion — illustrating how much money from customers was locked up in the platform. Celsius believes "false" rumors it lost millions of dollars in LUNA led to $1 billion being suddenly withdrawn over five days in May.
OpenSea is cutting 20% of its workforce. The NFT marketplace said the drastic move was in response to "an unprecedented combination of a crypto winter and broader macroeconomic instability." CEO Devin Finzer says the company needs to prepare for a potentially prolonged downturn — and these changes will mean it can survive for several years if things don't improve. OpenSea's trading volumes have slumped in recent months. They hit a record high of $5 billion in January 2022, but dwindled to just $700 million last month. On top of that, the platform is facing increasing competition from new entrants into the space — Coinbase and Instagram among them.
A crypto lender that halted withdrawals last month has announced customers can now withdraw 10% of their balance. CoinFLEX was one of several platforms in the space that took drastic action when Bitcoin took a nosedive — and some of its rivals have now entered into bankruptcy proceedings. The company's CEO, Mark Lamb, has alleged that Roger Ver — one of the earliest investors in Bitcoin — currently owes $47 million in USDC to the platform. Ver denies this, and says he's the one who is owed money. CoinFLEX says it is battling to resolve the current situation. Withdrawals could be relaxed further, the company may seek backing from new investors, or the firm could be acquired by a rival. A further update is expected next Friday.
South Park has mocked Matt Damon's Crypto.com ad in its latest episode. The long-running animated comedy has made cryptocurrencies the butt of its jokes many times before. And in this latest sketch, "Matt Damon" is seen telling viewers that they need to start drinking their own urine because of a massive drought. The character declares that pee can be used to water lawns and even take showers, but is seen wincing when he turns on the tap. Reese Witherspoon, Gwyneth Paltrow, Naomi Osaka and Larry David — who have all endorsed cryptocurrencies in one way or another — are also sent up in the latest episode. Yes, this also involves them extolling the benefits of pee.