Celcius the DeFi lending platform has paused all withdrawals, swaps, and transfers between accounts due to “extreme market conditions.”
- In a blog post published on June 13th, Celcius announced that the action taken by the company is in the best interest of their community and will “put Celsius in a better position to honor, over time, its withdrawal obligations.”
- The reason for the pause is that Celcius needed to stabilize liquidity and operations while steps were taken by Celcius to preserve and protect assets. Celcius users criticized the platform for how they’ve managed funds and liquidity following Anchor’s collapse alongside UST and LUNA.
- Celcius states “customers will continue to accrue rewards during the pause in line with our commitment to our customers.” These rewards come from various liquidity pools Celcius offers on its platform.
- CEL the token affiliated with the Celcius network has been hit hard today, falling over 50% to US$0.1943. Alongside Celcius, Bitcoin has dropped 9% today and Ethereum has dropped 12%.