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Celsius Lending Platform Suspends Withdrawals and Transfers


  • Celsius stated the transfer is important with a purpose to stabilize liquidity and operations
  • The community warned there could also be a number of delays within the days forward

Crypto lending platform Celsius introduced on Sunday evening, June twelfth, that it will be pausing withdrawals, swaps and transfers between accounts on its platform attributable to “excessive market situations.”

“We’re taking this motion at the moment to place Celsius in a greater place to honor, over time, its withdrawal obligations,” the agency stated in a blog

Celsius stated its resolution to pause withdrawals was made to “stabilize liquidity and operations.”

“There may be a whole lot of work forward as we think about varied choices, this course of will take time, and there could also be delays,” the community added.

The announcement follows a decline in cryptocurrency costs over the weekend and claims on social media that the community is going through a liquidity disaster. It stays to be seen whether or not different lending platforms could have an identical impression.

Celsius’ native CEL token has plunged in worth as fears over the platform’s solvency have grown. The token dropped greater than 60% from $0.36 to $0.14 between 10pm and 11:30pm ET on Sunday June 12, based on data from Blockworks Research. It’s now down over 98% from its all-time excessive of greater than $8.00 simply over a 12 months in the past.

  • Blockworks

    Reporter

    Shalini is a crypto reporter from Bangalore, India who covers developments available in the market, regulation, market construction, and recommendation from institutional consultants. Previous to Blockworks, she labored as a markets reporter at Insider and a correspondent at Reuters Information. She holds some bitcoin and ether. Attain her at [email protected]





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