Why did Celsius pause withdrawals?

Crypto lending platform, Celsius, announced Monday that it had paused all "withdrawals, Swap, and transfers between accounts," blaming the move on "extreme market conditions." Defining 'extreme market conditions' isn't difficult—there are multiple worthy candidates.

What's happening with Celsius's crypto withdrawals?

On Sunday night, with crypto markets already in freefall, controversial crypto lender Celsius announced it was suddenly pausing all customer withdrawals, swaps, and transfers. "We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations," the company wrote in a blog post on Medium.

Why did Celsius go off a cliff?

The crypto lender paused all customer withdrawals and swaps on Sunday night, citing liquidity issues. CEL quickly went off a cliff. Celsius. Image: Shutterstock On Sunday night, with crypto markets already in freefall, controversial crypto lender Celsius announced it was suddenly pausing all customer withdrawals, swaps, and transfers.

What happened to Celsius Network?

The Celsius Network, which is one of the largest crypto lenders, announced Sunday night that it was “pausing all withdrawals, Swap, and transfers between accounts.” It has 1.7 million customers. The company’s token, CEL, is trading at 23 cents as of this writing, according to CoinMarketCap.