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The crypto-lending company Celsius stops withdrawals and transfers, with reference to market conditions


Crypto lending company Celsius said on Sunday that it would stop withdrawals on its platform, citing market conditions as the price of Ether and other cryptocurrencies fell.

The company, which sources told The Block earlier this week only had a few more weeks with financial resources to support customer withdrawals, took to Twitter to announce the suspension of withdrawals, transfers and exchanges, noting:

@CelsiusNetwork pauses all withdrawals, exchanges and transfers between accounts. Acting in the interest of the community is our highest priority. Our business continues, and we will continue to share information with the community. “

Led by Alex Mashinsky, the company reportedly had around $ 12 billion in customer funds as of May, spread across 1.7 million users, as reported by the Financial Times.

In a note to customers, Celsius added:

“Due to extreme market conditions, we announce today that Celsius is stopping all withdrawals … We are taking this action today to put Celsius in a better position to meet its withdrawal obligations over time.”

The price of Celsius’ original token Celsius token fell sharply in the news, falling 45% to $ 0.21 per coin.

The development represents the latest sign of market stress in the crypto sector. The price of ether fell below $ 1,400 per coin Sunday night.

Last week, The Block reported that BlockFi, another lending company, recorded a round to a valuation of $ 1 billion – well below the valuation of $ 5 billion that was reportedly raised to 2021.

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