Celsius Network Burns $90M Worth of Platform Tokens!

Key Points:

• Celsius Network annihilates 94% of CEL tokens, worth $90.42 million, amid bankruptcy.
• Remaining CEL supply reduced to 40.55 million, with market value at $5.61 million.
• CEL still actively traded on major exchanges despite token destruction.

Celsius Network has obliterated all 652 million CEL tokens it held, amounting to a staggering $90.42 million, just six hours ago.

This unprecedented destruction represents a drastic measure taken by the platform as part of its bankruptcy and reorganization efforts.

The decision to destroy such a significant portion of CEL tokens, which accounted for a whopping 94% of the total supply, underscores the severity of Celsius Network’s financial woes. Despite this drastic step, CEL tokens are still actively trading on major exchanges such as OKX, Bybit, Bitget, Gate, and MEXC, indicating continued investor interest and market liquidity.

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Destruction of 94% of CEL Supply Signals Platform’s Overhaul

The total supply of CEL has been reduced to 40.55 million tokens, with a corresponding market value of $5.61 million. While this move may initially appear detrimental to token holders, it could potentially lead to a more stable and sustainable ecosystem for CEL in the long term.

The destruction of CEL tokens comes amid growing concerns surrounding the financial health and transparency of crypto lending platforms. Celsius Network’s decision to eliminate a significant portion of its token supply raises questions about the platform’s viability and the impact on its user base.

Despite the upheaval caused by the token destruction, Celsius Network remains committed to maintaining normal operations and ensuring uninterrupted trading on various cryptocurrency exchanges. The platform’s resilience in the face of financial challenges reflects its determination to navigate the turbulent waters of the crypto industry.