CEL crashes 50% as Celsius Network halts all withdrawals, swaps, and transfers between accounts citing "extreme market conditions."
Celsius Network – a well-known DeFi platform and one of the largest cryptocurrency lenders, announced that it is pausing withdrawals, swaps, and transfers between accounts.
The market continues to tumble, with BTC dropping to 18-month lows while ETH crashed towards $1,300.
This left a whopping $500 million in liquidations over the past 24 hours alone.
Citing “extreme market conditions,” Celsius Network – the well-known DeFi platform and one of the largest industry lenders, halted withdrawals, swaps, and transfers between accounts.
We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.
The post argues that this act is in the interest of the community and adheres to their risk management framework.
Our ultimate objective is stabilizing liquidity and restoring withdrawals, swaps, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays. – The post concludes.
Meanwhile, the price of the platform’s native cryptocurrency – the CEL token – has crashed by over 50% in the past 24 hours.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
