Crypto Lender Celsius Suffers 13-Hour Downtime, Leaving Users Worried of Another Cred Story

The website for cryptocurrency borrowing and lending platform, Celsius has been offline in the last four hours leading up to press time. Users are fearing a repeat of what happened to a major competitor, Cred earlier this week, but Celsius has assured it is only downtime relating to its domain name service (DNS).

The company was supposedly “preparing for the alpha release of the new Celsius Web App and needed to do some DNS configuration,” before encountering issues with its domain provider.

In an email sent to users, Celsius clarified that the outage on its front-end is a result of vulnerabilities discovered by the web development team in an effort to implement scheduled changes and updates to the DNS. In the process of securing its back-end from vulnerabilities, Celsius had triggered a routine security lock from its domain provider, GoDaddy, and thus locked out from the account.

“All of your funds are safe and all Celsius wallets are secure,” the email update read.

Meanwhile, Coinfomania reached out to Godaddy’s hosting team via a phone call and an agent confirmed that the account for “the domain is locked” and would possibly require a password change before its owner can regain access.

Celsius Downtime: Cred Fear Still Crippling Users

The latest downtime at Celsius is apparently for a different reason compared to that which took down competitors, Cred earlier this month. The latter had filed for bankruptcy following alleged fraudulent business and a situation where an in-depth Crypto Briefing report was associated with mismanagement of user funds.

Unlike Cred users who were only aware of the company’s situation until the last minute, Celsius had maintained open communication regarding downtime via its official communication channels and continues to do so.

In the end, investors will hope that this is only mere downtime and not the build-up to another separation from their funds.

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