Celsius announced that it has paused withdrawals on its platform, citing the decline in the crypto market.
In the past weeks, crypto lending firm Celsius, which relevant sources say has only a few weeks’ resources for withdrawals, has halted withdrawals, citing the steep decline in Bitcoin and Ethereum. In the statement made on Twitter on the subject, the following statements were made:
“@CelsiusNetwork is suspending all withdrawals, swaps and transfers between accounts. Acting in the best interest of our community is our priority. Our activities continue and we will continue to share information with the community.”
Following the announcement, Celsius’s native token CEL fell more than 50% to a low of $0.14.
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