Another Crypto Value Destruction Day

A Celsius rival, Switzerland-based Nexo, is riding to the rescue, at least of Celsius’s investors:

Nexo has offered to acquire some Celsius assets, “mainly collateralized loan receivables secured by corresponding collateral assets, brand assets and customer database.” The offer is good for one week, with the sale price still to be negotiated.

The Celsius platform’s token, known as CEL, dropped by 70%, from $0.49 to $0.15, in the first hour following the company’s announced pause in withdrawals. According to CoinMarketCap, CEL traded at around $0.217 early Monday morning.

Here is CEL’s chart for the past 24 hours.

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