Wednesday, November 30, 2022
HomeCrypto NewsMarketDogecoin Founder Blasts Celsius Network Says First Terra And Now Celsius Causing...

Dogecoin Founder Blasts Celsius Network Says First Terra And Now Celsius Causing Collapse of Crypto Market 

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The co-founder of Dogecoin is not mincing words as he calls both Terra and Celsius “stupid ass shit.”

Billy Marcus, the co-creator of Dogecoin (DOGE), has poured out his frustration on the major causes of the recent cryptocurrency market collapse – TerraForm Labs (TFL) and Celsius Network.

The outspoken Dogecoin co-founder called cryptocurrency projects like Terra and Celsius “stupid” because of their roles in the recent crash of the entire cryptocurrency market.

“How much stupid ass shit like Luna and Celsius ready to collapse the entire market is there in crypto anyway?,” Marcus quizzed.

Marcus has vented his anger toward these projects because DOGE has also been a recipient of the market collapse, which has seen the value of the asset plunge to $0.05 despite reaching an all-time high of nearly $0.73.

Since last month, the prices of various digital currencies are nothing compared to what they started the year with. The value of crypto assets has plummeted tremendously due to several reasons, including rising inflation and Russia’s invasion of Ukraine.

However, the most significant of them all is the collapse of Terra ecosystem tokens and the unfortunate development that occurred with Celsius over the weekend.

Terra Collapse

Recall that Terra ecosystem tokens, UST, and LUNA suffered a massive crash earlier last month, which wiped out a large chunk of the entire cryptocurrency market.

Although the Terra team has been working round the clock to ensure investors get fully compensated, several reports have emerged suggesting how the company’s CEO Do Kwon conducted a series of shady practices.

Celsius Network Incident

While the cryptocurrency market was still trying to recover from the devastating crash of Terra tokens, news of Celsius Network halting all operations, including withdrawals, swaps, and transfers on its platform surfaced over the weekend.

It did not stop there, the team behind the project proceeded to transfer a large amount of Bitcoin and Ethereum almost worth $320M from the platform to the popular crypto exchange FTX, to protect its positions.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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