The renowned DeFi platform and one of the largest cryptocurrency lenders, Celsius Network, announced that it is stopping withdrawals, swaps and transfers between accounts.
- Markets continue to decline, with BTC falling to 18-month lows while ETH plummets to $1,300.
- It lost a whopping $500 million in liquidations in the last 24 hours alone.
- Citing “extreme market conditions”, Celsius Network, a 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 better position Celsius to honor its return obligations over time.
- The Post argues that the Act is in the interest of the community and adheres to their risk management framework.
Our ultimate aim is to stabilize liquidity and restore 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 may be delayed. – Post finished.
- Meanwhile, the platform’s native cryptocurrency – the CEL token – has fallen in price by more than 50% over the past 24 hours.
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