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Major crypto lender pauses key services

Published

4 years ago

June 13, 2022

One of the largest crypto lenders is pausing withdrawals, swap, and transfers between accounts

Tokens at Celsius Network took a 60 per cent tumble to as low as 19 cents, following an announcement to pause withdrawals.

The company says the decision was based on poor market conditions.

“We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” the company says.

Celsius was valued at U.S. $3.25 billion when it recently extended its ‘oversubscribed’ Series B financing round.

The platform gives users the chance to deposit major cryptos like Bitcoin, Ethereum and Tether in exchange for weekly interest payments.

It offers as much as 18 per cent interest in a year, and is reportedly home to 1.7 million people.

“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, Swap, and transfers between accounts as quickly as possible.”
CELSIUS NETWORK

Elsewhere, Bitcoin has plunged to a new low amid a horror 72 hours for the crypto.

The coin briefly dipped to U.S. $24,900, which is its lowest fall in 18 months.

Analysts remain concerned these digital tokens are yet to hit rock bottom.

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Costa Haritos

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.