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Due to “Extreme Market Conditions” Celsius Hits Pause On All Withdrawals

Due to extreme market conditions, Celsius, a crypto lending service company stated that they are hitting pause on withdrawals. 

All swap and transfer products will be paused as well, the company announced, and no specific time for the restart of withdrawals was mentioned.

Due to extreme market conditions, Celsius, a crypto lending service company stated that they are hitting pause on withdrawals. 

All swap and transfer products will be paused as well, the company announced, and no specific time for the restart of withdrawals was mentioned.

The company conveyed the following in a blog post: “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets.”

Just before this announcement, Celsius had notified that the unaffiliated investor’s fund can no longer be transferred.

After the arrest of Yaron Shalem, the previous CFO, the company just renamed another Chief Financial Officer. Following the news, the price of Celsius’s CEL token dropped by more than 50%.

Cease-and-desist orders against the company have been issued by law enforcement entities regarding regulatory issues.

WuBlockchain took to Twitter to provide the most recent updates on Celsius:

“Celsius has transferred about 104,000 ETH to FTX in the past three days, including about 50,000 ETH today, 12,000 ETH yesterday, and 42,000 ETH the day before yesterday. – reported @WuBlockchain on Twitter, in the early morning of June 13.”

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