Crypto lending firm Celsius pauses withdrawals and transfers, citing market conditions

Celsius—the crypto lending firm—said on Sunday that it would pause withdrawals on its platform, citing market conditions as the price of Ether and other cryptocurrencies tumbled.

Led by Alex Mashinsky, the firm reportedly had about $12 billion in customer assets as of May across 1.7 million users, asIn a note to clients it added:"Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals...We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations."

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