Celsius halts withdrawals as pressure mounts on crypto lending platform

[MrD]

Celsius Network has halted withdrawals due to “extreme market conditions” as the $12bn digital asset lending platform comes under intensifying strains from a broad pullback across the cryptocurrency market.

The group has faced mounting pressure in recent weeks as investors flee the market for crypto yield products, in which traders lend out their tokens in return for high rates of fixed returns. Celsius said on Monday that it was “pausing all withdrawals, swap, and transfers between accounts” to place it in “a better position to honour, over time, its withdrawal obligations”.

https://www.ft.com/content/25ac1667-9f50-4f16-b553-448ea4582613