- Celsius faces more challenges as the project’s hopefuls anticipate restructuring.
- CEL, the native token of Celsius, is feeling the impact of the unending challenges.
- Investors are concerned whether it is too late to sell CEL at the current price.
CEL, the native coin of the embattled Celsius banking and financial platform, continues to drop amid unending challenges. According to reports, hackers flooded the Celsius community, sending phishing emails to participants in anticipation of a proposed reimbursement.
CEL’s price has been on a downtrend since June 2021, following Celsius’ battle with insolvency during the 2021 crypto crash. The Celsius collapse led to a 95% loss of value between June 2021 and January 2023, even though CEL attempted a recovery between July and September 2022. As of January 2023, CEL’s price had dropped to $0.6 from an all-time high (ATH) of $8.02.
CELUSD Weekly Chart on TradingView
Despite the general market recovery of Q1 2023, CEL was one of the digital tokens that did not participate in the price surge. On January 1, CEL opened trading at $0.4233, reached a yearly high of $0.673 by January 27, before embarking on a prolonged downward movement that has seen CEL lose. 87% of its value from the yearly high.
Celsius’ challenges seem unending, with more unwanted incidents occurring around the network. Reportedly, Celsius was the target of a recent phishing attack, with reports of hacking attempts flooding the X app (formerly Twitter). There are multiple reports of emails from hackers impersonating the bankruptcy claim agent for Celsius. The hackers aimed to scam claimants and steal their funds.
Such an event appears to contribute to the negative sentiment surrounding CEL, even as the project struggles to restructure. The waning confidence among investors is reflected in CEL’s continuously falling price and lack of network activity. As of the time of writing, CEL had fallen lower and traded for $0.139, leaving holders concerned whether the opportunity to sell for tangible returns has passed.
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