Crypto lending platform Celsius pauses withdrawals, transfers amid 'extreme market conditions'

Crypto lending platform Celsius Networks LLC said Sunday it is pausing all withdrawals, swaps and transfers between accounts, “due to extreme market conditions.”

“We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” the New Jersey-based company said in a statement. Celsius is one of the largest crypto lending companies in the world, at one point claiming more than $20 billion in assets. But it has also run afoul of regulators, and some users have recently blamed Celsius for steep financial losses for encouraging them to hold its CEL digital tokens as collateral for loans — CEL plunged 48% late Sunday, and has lost more than 75% of its value over the past month — and 97% over the past year — according to CoinGecko data.

“We understand that this news is difficult,” Celsius said Sunday. “We are working with a singular focus: to protect and preserve assets to meet our obligations to customers.” Celsius said its operations were continuing, but that there was “a lot of work ahead as we consider various options.”

the opposite of capitalism

Crypto is a scam!

This is what an unregulated industry looks like. Humans r greedy and opportunistic so they will create unsound a d unscrupulous entities to maximize profts at other's expense. People who idealize decentralized crypto are naive and don't understand human nature.

People need to wake up nobody is backing these companies so stop wasting your money trusting these firms which only been around for few years and already have 25 year old overnight billionaire CEO.

People need to wake nobody is backing these companies so stop wasting your money trusting these firms which only been around for few years and already have 25 year old overnight billionaire CEO.

Words alone wont express how thankful I'm to GregsonHarryFx and his company platform, it has been a good opportunity for me and my family since I started trading in bitcoin with him thanks allot GregsonHarryFx

I bet you can still buy thou lol

😳😳😳😳

'Extreme market conditions' AKA our ponzi is collapsing

Sue them

Don’t you mean Sell-sius?

Gud platform

What ?!?

Whatever happened to decentralisation?

Roach motel.

Lol

Bitcoin

That's not hpw crypto was supposed to work...

This is the NOT decentralization. It’s a shame what’s happened to web3 already

🤣🤣🤣

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