Crypto lending platform Celsius suspends withdrawals amid ‘extreme market conditions’

Crypto lending platform Celsius Networks LLC said Sunday that it was pausing all withdrawals, exchanges, and inter-account transfers “due to extreme market conditions.”

“We are taking this action today to better position Celsius to meet its retirement obligations over time,” the New Jersey-based company said a statement.

One of the largest crypto lending companies in the world, Celsius claimed more than at one point 20 billion dollars in wealth. But it also has come into conflict with the supervisory authoritiesand some users have recently blamed Celsius for heavy financial losses for encouraging them to hold their CEL digital tokens as collateral for loans – CEL is down 48% late Sunday and is up more than 75% over the past month value lost, and 97% in the past year acc CoinGecko data.

From May: Celsius faces a revolt as a high-yield crypto crashes

The broader cryptocurrency space has been slammed this year, with the overall crypto market down more than 40% over the past two months. bitcoin BTCUSD,
for example, slipped to an 18-month low on Sunday and is down 45% year-to-date; it has fallen more than 60% since its all-time high last November.

“We understand that this news is difficult,” Celsius said on Sunday. “We operate with a single focus: protecting and preserving assets to meet our obligations to clients.”

Celsius said operations will continue, but that “a lot of work lies ahead as we consider various options.” Crypto lending platform Celsius suspends withdrawals amid ‘extreme market conditions’

Brian Lowry

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