Crypto lending world sways under risk and turmoil

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AFP

New York (AFP) – 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 percent for loans, but paying more than 18 percent 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…

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