June 26, 2022

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Crypto-lending platform Celsius pauses withdrawals amid 'extreme market conditions'

Crypto-lending platform Celsius pauses withdrawals amid ‘extreme market conditions’

Crypto-lending platform Celsius Networks LLC said Sunday that it will temporarily suspend all withdrawals, exchanges and transfers between accounts, “due to severe market conditions.”

The company, which is headquartered in New Jersey, a permit.

Celsius is one of the largest cryptocurrency lenders in the world, at one point claiming that there are more than 20 billion dollars in assets. but it is Contrasted with the regulatorsSome users recently blamed Celsius for heavy financial losses for encouraging them to hold digital CEL tokens as collateral for loans – CEL is down 48% late Sunday and has lost more than 75% of its value over the past month, and 97% over the past year, according to CoinGecko بيانات data.

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The broader cryptocurrency space has come under attack this year, with the overall cryptocurrency market down more than 40% over the past two months. Bitcoin BTCUSD,
-5.39%And the
for example, It fell to an 18-month low on Sunday It has lost 45% of its value since the beginning of the year; It has fallen more than 60% since its all-time high last November.

“We understand this is difficult news,” Celsius said Sunday. “We work with a unique focus: to protect and preserve assets to fulfill our obligations to customers.”

Celsius said its operations are continuing, but there is “a lot of work ahead as we look at the different options.”