Blockchain expert rips crypto lender Celsius freezing accounts: ‘It’s unfortunate’
Blockchain expert slams crypto lender Celsius accounts freeze: ‘It’s unfortunate’
Ava Labs President John Wu argues he hopes customers are able to get out of Celsius account freeze.
During an interview on "Mornings with Maria" Friday, Ava Labs President John Wu discussed crypto-giant Celsius pausing all withdrawals and transfers between accounts due to the volatile markets, arguing the issues unfolding at Celsius are "the same villains that existed in traditional finance."
JOHN WU: On the Celsius issue, again, it's unfortunate and the number one hope and first and foremost is that individual customers can get their money out of that. But these issues that exist at Celsius, they're the same villains that existed in traditional finance. We saw a version of this with Robinhood when they about a year ago, and they didn't allow people to basically trade certain securities.
Ava Labs President John Wu discusses Celsius freezing accounts (Fox News) BITCOIN PRICE TRADES AROUND $21,000 AS CRYPTO FIRMS ANNOUNCE LAYOFFS And then, you know, mismatching a duration is what they did. They're too much leverage, probably, hopefully no misappropriation of funds. But these are all, again, at the centralized onramp of a supposedly decentralized world. And that's unfortunate because it's ironic where the centralization is, where all the pain has happened in the promise of a decentralized, more open world and more transparency. CLICK HERE TO GET THE FOX BUSINESS APP WATCH THE FULL INTERVIEW BELOW: Ava Labs President John Wu on what’s behind the crypto selloff, tech company layoffs and Elon Musk being sued for allegedly ‘engaging in a crypto pyramid scheme by way of Dogecoin.’ Source: Read Full Article
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