Crypto Lender Celsius Suspends Withdrawals and Transfers, Citing ‘Extreme Market Conditions’

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Cryptocurrency lender Celsius Network, recently valued at around $3 billion, told clients Sunday night that it was suspending “withdrawals, swaps, and transfers between accounts,” sparking controversy and prompting the price of the firm’s token to climb 60% in the past hour. up to 19 cents.

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“Today, we are taking these actions to enable Celsius to meet its withdrawal obligations over time,” the post reads. wrote Celsius, whose investors are stablecoin issuer Tether International and Canadian pension fund Caisse de Dépôt et Placement du Québec.

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“Acting in the best interests of our community is our top priority. In fulfillment of this obligation and adhering to our risk management system, we have activated a clause in our Terms of Use that will allow this process to take place. Celsius has valuable assets and we are working hard to meet our obligations.”

Celsius allows users to deposit their Bitcoin, Ethereum and Tether and receive weekly interest payments. Depending on the time horizon and the token, the platform offers up to 18% per annum. On its website, Celsius reports that 1.7 million people call Celsius their home for crypto.

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The announcement follows one of the toughest weekends in the cryptocurrency market when hundreds of millions of dollars were liquidated. At press time, Bitcoin was trading at around $25,585 and Ethereum was trading at $1,346, one of the lowest levels of the year. Other well-known crypto projects including Solana, BNB and FTT also fell.




Credit: techcrunch.com /

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