Celsius Lending Platform sets off with withdrawals and transfers
Celsius Lending Platform sets off with withdrawals and transfers
- Celsius said the step was necessary to stabilize liquidity and operation
- The network warned that there could be several delays in the coming days
The crypto credit platform Celsius announced on Sunday evening, June 12, that they would suspend withdrawals, exchange processes and transfers between accounts on their platform due to "extreme market conditions".
"We are taking this measure today, in order to better enable Celsius to comply with his retreats over time," said the company in A Bloggen .
Celsius said his decision to pause the payments was made to "stabilize liquidity and operation".
"There is still a lot of work ahead of us because we consider different options, this process will take time, and there may be delays," added the network.
The announcement follows a decline in cryptocurrency prices on weekends and claims on social media that the network faces a liquidity crisis. It remains to be seen whether other credit platforms will have a similar influence.
The Celsius native CEL token has dropped in value because the fears of the company's solvency have increased. The token fell by more than 60 % from $ 0.14 $ between 10:00 p.m. and 11:30 p.m. ET on Sunday, June 12th Data from Blockworks Research . He has now fallen over 98 % of his all -time high of $ 7.52 a little more than a year ago.
The Post Celsius Lending Platform Suspends withdrawals and transfers is not a financial advice.