Crypto lending giant Celsius 'pauses' withdrawals after token value plunges

In the wake of the plunge in currency values, another big name is taking drastic measures. All withdrawals, inter-account transfers and swaps have been paused by Celsius Network due to extreme market conditions. According to the company, the move is meant to give them a better chance to meet their withdrawal obligations.

The firm didn't say when the freeze would be lifted. It promised to restore normal operations as quickly as possible, but warned that it would take time and could include delays.

Celsius has had a hard time in the market of cryptocurrencies. The CEL token was worth $7 a year ago, but has fallen to $3 and is now worth 21 cents. CEL's value was slashed by more than half after the company claimed on June 7th that it had the reserves and ether to meet obligations.

Critics have raised concerns about Celsius' high yields andTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkias has raised concerns about Celsius' high yields andTrademarkiaTrademarkiaTrademarkiaTrademarkias has raised concerns about Celsius' high yields andTrademarkiaTrademarkiaTrademarkias has raised concerns about Celsius' high yields andTrademarkiaTrademarkias has The CFO was arrested in November. New Jersey issued a cease-and-desist order for Celsius in September of last year. There have been concerns about Celsius' business being unsustainable for a long time.

The price may be paid by customers. Celsius doesn't have the same level of protection as a conventional bank. 1.7 million people who use the lender might not have a chance to recover their money if it fails. Celsius' clients might be left out of the loop when it comes to the development ofcryptocurrencies.