Crypto News

Celsius Crashes 50% As the Platform Halts Withdrawals due to ‘Extreme Market Conditions’

Celsius Network – a well known DeFi platform and considered one of the largest cryptocurrency lenders, introduced that it’s pausing withdrawals, swaps, and transfers between accounts.

  • The market continues to tumble, with BTC dropping to 18-month lows whereas ETH crashed in direction of $1,300.
  • This left a whopping $500 million in liquidations over the previous 24 hours alone.
  • Citing “extreme market conditions,” Celsius Network – the well-known DeFi platform and considered one of the largest business lenders, halted withdrawals, swaps, and transfers between accounts.

We are taking this motion as we speak to put Celsius in a greater position to honor, over time, its withdrawal obligations.

  • The submit argues that this act is in the curiosity of the neighborhood and adheres to their danger administration framework.

Our final goal is stabilizing liquidity and restoring withdrawals, swaps, and transfers between accounts as shortly as potential. There is a number of work forward as we take into account numerous choices, this course of will take time, and there could also be delays. – The submit concludes.

  • Meanwhile, the value of the platform’s native cryptocurrency – the CEL token – has crashed by over 50% in the previous 24 hours.
cel_token_chart
Source: CoinMarketCap
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