Crypto lending platform Celsius said Sunday it is pausing all withdrawals, swaps and transfers between accounts. Celsius is one of the largest crypto lending companies in the world, at one point claiming more than $20 billion in assets.
Crypto lending platform Celsius Networks LLC sent shockwaves through an already rattled digital asset market to start the week, with news that it was pausing all withdrawals, swaps and transfers between accounts, “due to extreme market conditions.”
Some blamed a sharp slump in bitcoin BTCUSD, -16.38%, which tumbled from around $28,000 on Friday — also hit by worse-than-expected U.S. inflation data — on fallout from Celsius’s troubles. Other cryptocurrencies were also suffering hefty losses on Monday. “Nexo, its partners, and affiliates could readily acquire from Celsius part or all qualifying, outstanding collateralized loan receivables secured by their corresponding pledged cryptocurrency collateral, subject to Nexo’s risk management and collateral requirements,” the company said in a letter addressed to Celsius.
Celsius has its share of issues, running afoul of regulators, with some users recently blaming Celsius for steep financial losses by encouraging them to hold its CEL digital tokens as collateral for loans — CEL was down 47% on Monday and has lost more than 74% of its value over the past month, and 97% over the past year, according to CoinGecko data.The wider cryptocurrency space has been slammed this year, with the total crypto market down more than 40% over the past two months.
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