Wall Street

Crypto lending world sways under risk and turmoil

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The Bangkok Post

NEW YORK: Starting with the lofty goal of competing with traditional banks, cryptocurrency lending giants and their clients now face financial ruin due to their appetite for risk and a paucity of regulatory guardrails. Celsius Network, which suspended withdrawals in mid-June, had advertised a seemingly difficult-to-reconcile mix of interest rates, charging just 0.1% for loans, but paying more than 18% on deposits. Weeks later, savings accounts, that amounted to $11.8 billion in mid-May, remained frozen. “Celsius is going bankrupt one way or another,” said Omid Malekan, a professor at Columbia …

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