The price of bitcoin and other cryptocurrencies have tumbled after the major crypto lender Celsius halted all withdrawals citing “extreme market conditions.'
On Sunday, the cryptocurrency lending platform Celsius Network announced that it was pausing all withdrawals and transfers between accounts in order to “honor, over time, withdrawal obligations.” Celsius, with roughly 1.7 million customers and more than $10 billion in assets, gave no indication in its announcement when it would allow users to access their funds.
Francisco Orduna, 36, said he was referred to Celsius about a year ago and was attracted to the company's promises of high yields on his crypto holdings. “There is a lot of work ahead as we consider various options, this process will take time, and there may be delays,” Celsius said in a statement.
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