06-13-2022 icon

Crypto swapping and lending platform Celsius halts withdrawals due to threatening market situation

By Lucy Adegbe

One of the most notable crypto swapping and lending platforms, Celsius Network revealed to customers in the early hours of Monday its plan to halt withdrawals as well as swaps and transfers. 

Celsius justified this action to be a response to the current “extreme market condition,” giving no hint for the resumption of these services.

The crypto market had just experienced one of its most vicious weekends with millions of dollars worth of crypto being liquidated and with bitcoin trading at $23,042 and Ethereum at $1346 as at the time of documentation. 

In a blog post, Celsius Network announced, “We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, swaps, and transfers between accounts as quickly as possible. There’s a lot of work ahead as we consider various options, this process will take time and there may be delays.”

The blog post emphasizes the interest of its users as the utmost priority. Celsius, within its time frame of operation, offers a peak of about 18% interest annually with its overall estimated value of 3.25billion dollars. The network boasts itself as the “home for crypto” on its website, enlisting a total of 1.7 million users. 

Celsius lately made a move to reinstate its Chief Financial Officer just after the preceding Yaron Shalem was apprehended by the Israeli police force in 2021. 

CEL token was recorded to have fallen by 50% just after the news was made public.