Cryptocurrency lending platform Celsius Network has paused withdrawals, swaps, and transfers between accounts, citing “extreme market conditions.”
The company said in a blog post that the move was necessary to “stabilize liquidity and operations.”
“We are taking this action today to preserve and protect assets and to fulfill our obligations to our customers,” the company said.
Their reason why
Celsius Network is one of the largest cryptocurrency lending platforms, with over $12 billion in assets under management.
The company’s decision to pause withdrawals comes amid a broader sell-off in the cryptocurrency market.
Bitcoin, the world’s largest cryptocurrency, has lost more than 70% of its value since its all-time high in November 2021.
The Celsius Network’s decision to pause withdrawals has raised concerns about the stability of the cryptocurrency lending industry.
Other cryptocurrency lending platforms, such as BlockFi and Voyager Digital, have also been facing financial difficulties.
For how long?
It is unclear how long Celsius Network will keep withdrawals paused.
The company said that it is “working diligently” to restore withdrawals and that it will provide updates as soon as possible.
In the meantime, customers who have funds on Celsius Network will not be able to access them.
This could have a significant impact on many people, as Celsius Network is a popular platform for cryptocurrency investors.
The company’s decision to pause withdrawals is a sign of the current volatility in the cryptocurrency market.
It is important to remember that cryptocurrencies are a risky investment and that your investment could lose value.
If you are considering investing in cryptocurrencies, you should do your research and understand the risks involved.
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