Celsius platform suspended withdrawals

The native token CEL reacted with a drop of more than 50%

13.06.2022 - 10:00

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What’s new? Celsius, a DeFi lending platform, has suspended withdrawals, exchanges, and transfers between accounts. According to a statement on the company’s blog, the decision was taken “due to extreme market conditions.” No timeline has been given for the resumption of services. The ultimate goal of Celsius is to stabilize liquidity, as well as preserve and protect assets. Only interest accrual will be available to the platform’s clients. Against this backdrop, the value of the native token CEL has fallen by more than 50%, according to Binance. As of June 13, 10:00 UCT, the asset is trading at $0,18.

Celsius blog

What is known about Celsius? It is a DeFi banking platform for lending and staking cryptocurrencies. The project was founded in 2017 by Alex Mashinsky and Daniel Leon. The platform also has a cryptocurrency wallet called Celsius Wallet.

On May 27, analytics firm Nansen conducted an investigation, following which it stated that the Celsius Network was involved in the collapse of the Terra (LUNA) ecosystem. According to Nansen, Celsius was also a “close counterparty that has sent and received funds to and from” another wallet, whose actions also contributed to the peg breach of the algorithmic stablecoin UST to the dollar.

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