fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Wednesday, October 4, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
No Result
View All Result
Online Crypto College
No Result
View All Result

Celsius halts user withdrawals due to ‘extreme market conditions’

June 13, 2022
in Altcoin
Reading Time: 3 mins read
A A
Celsius halts user withdrawals due to ‘extreme market conditions’
ShareShareShareShareShare

The crypto community has just started recovering from the Terra crash. Amidst this, the crypto-verse seemed to be witnessing the downfall of Celsius, a prominent crypto staking and lending platform.

It was clearly a chaotic weekend for the Celsius network. The platform was condemned for its poor management of funds. The crypto staking network with 1.7 million users reportedly entailed $12 billion in customer assets in May. With this at bay, Celsius formulated a blog post announcing the hold on withdrawals, swaps, and transfers.

Related articles

Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn

Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn

October 4, 2023
SBF Trial: Day 1 concludes without a final jury selected

SBF Trial: Day 1 concludes without a final jury selected

October 4, 2023

In the elaborate blog post, the platform suggested that “extreme market conditions” forced it to do so.

BREAKING: Celsius Network has paused all withdrawals, swaps, and transfers between accounts due to “extreme market conditions.”

— Watcher.Guru (@WatcherGuru) June 13, 2022

Throughout the blog post, Celsius implied that the community’s interest was its top priority. Further detailing the background work that the platform was engaging in, the post read,

“We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays.”

While the crypto market was already painted in red, this news further pushed CEL, the native token of Celsius down by 40.9 percent over the last couple of hours. During press time, the token was trading for a low of $0.226208.

Community not so pleased with Celsius’s decision

The downfall of Terra instilled fear in the entire community. Therefore, as Celsius dealt with a liquidity crisis, an array of them jumped in quickly to compare it to the demise of Terra. The community was visibly enraged with the network’s decision to press pause on withdrawals, and swaps as well as transfers.

There must be many users who are in a position of leverage and desperately need those funds from Celsius, now locked away. I’m sad we’ve gotten here. Protect yourselves.

— Ledger ?? Prometheus of the Plebs (@ledgerstatus) June 13, 2022

Meanwhile, it was brought to light that the network sent over 50,000 ETH worth about $66.97 million to San Bankman Fried crypto exchange, FTX. This transaction was made just three hours before Celsius decided to suspend withdrawals. In addition to this, less than an hour before the suspension, about 3,500 WBTC worth $89 million was transferred to FTX.

Additionally, it should also be noted that two days ago, the CEO of Celsius Alex Mashinsky, took to Twitter and said,

Celsius CEO questioned if anyone “has a problem withdrawing from Celsius” before pausing trading and withdrawals two days later due to “extreme market conditions.” pic.twitter.com/qaUuAD5b7Q

— Watcher.Guru (@WatcherGuru) June 13, 2022

While some foresee the end of Celsius, a few others continue drawing comparisons between this network and Terra.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Bitcoin Investment in Pension Portfolio Diversifies Inflation Risk: First Digital Trust CEO

Next Post

Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K

Related Posts

Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn

Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn

October 4, 2023

Ripple’s XRP emerged as one of the rare gainers during a subdued 24 hours in the cryptocurrency market that saw...

SBF Trial: Day 1 concludes without a final jury selected

SBF Trial: Day 1 concludes without a final jury selected

October 4, 2023

The first day of the Sam Bankman-Fried (SBF) trial ended without a final jury being selected, and the process will...

Judge rejects SEC’s request to appeal Ripple decision

Judge rejects SEC’s request to appeal Ripple decision

October 3, 2023

The ongoing legal skirmish between the SEC and Ripple Labs added another chapter as Judge Analisa Torres denied the SEC’s...

Prosecutors say plea deal was never considered for Sam Bankman-Fried

Prosecutors say plea deal was never considered for Sam Bankman-Fried

October 3, 2023

On the opening day of  Sam Bankman-Fried‘s criminal trial in New York,  U.S. government prosecutors told the court that that...

Binance continues to wind down BUSD by ending borrowing and staking support for the stablecoin

Binance continues to wind down BUSD by ending borrowing and staking support for the stablecoin

October 3, 2023

Global crypto exchange  Binance announced on Oct. 3 that  it will end support for Binance USD (BUSD) borrowing and staking...

Load More
Next Post
Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K

Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Dates To Watch Post-Interlocutory Appeal Win

Dates To Watch Post-Interlocutory Appeal Win

October 4, 2023
LOBSTR and Allbridge Strengthen Partnership for Stellar, Ethereum, Polygon, and Celo

LOBSTR and Allbridge Strengthen Partnership for Stellar, Ethereum, Polygon, and Celo

September 30, 2023
Gensler speaks on tokenized Pokemon cards

Gensler speaks on tokenized Pokemon cards

September 29, 2023
How Hong Kong became the new hub for cryptocurrencies – crypto.news

How Hong Kong became the new hub for cryptocurrencies – crypto.news

September 29, 2023
Public miners contribute only 28% to Bitcoin’s global hash rate, fueling decentralization debate

Public miners contribute only 28% to Bitcoin’s global hash rate, fueling decentralization debate

September 28, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Ethereum futures ETFs on CME begin with light trading volumes
  • FTX-SBF charges valid despite lack of US crypto laws, DOJ says – Cointelegraph
  • Coinbase CLO Responds to SEC’s Opposition
  • Experts Foresee Bitcoin ($BTC) at $30K Next Month; Whales Dive into Filecoin ($FIL) and InQubeta ($QUBE)
  • Ripple’s XRP price jumps 5% fuelled by Singapore licensing acquisition amidst crypto market downturn
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • DipSnyper Bot

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$27,534.00-0.18%
  • ethereumEthereum(ETH)$1,647.31-0.55%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.01%
  • binancecoinBNB(BNB)$212.42-1.12%
  • rippleXRP(XRP)$0.535.07%
  • usd-coinUSDC(USDC)$1.00-0.06%
  • staked-etherLido Staked Ether(STETH)$1,647.54-0.75%
  • solanaSolana(SOL)$23.59-2.34%
  • cardanoCardano(ADA)$0.257390-1.50%
  • dogecoinDogecoin(DOGE)$0.061113-1.18%
  • tronTRON(TRX)$0.0890111.39%
  • ToncoinToncoin(TON)$2.01-2.40%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.220.34%
  • matic-networkPolygon(MATIC)$0.593.83%
  • polkadotPolkadot(DOT)$4.04-2.18%
  • litecoinLitecoin(LTC)$64.50-1.97%
  • bitcoin-cashBitcoin Cash(BCH)$231.45-3.70%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,501.00-0.33%
  • shiba-inuShiba Inu(SHIB)$0.000007-0.41%
  • chainlinkChainlink(LINK)$7.55-0.83%
  • daiDai(DAI)$1.00-0.16%
  • avalanche-2Avalanche(AVAX)$9.774.51%
  • leo-tokenLEO Token(LEO)$3.730.22%
  • true-usdTrueUSD(TUSD)$1.00-0.18%
  • uniswapUniswap(UNI)$4.32-3.50%
  • stellarStellar(XLM)$0.1131451.72%
  • moneroMonero(XMR)$148.782.01%
  • okbOKB(OKB)$43.190.15%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • binance-usdBUSD(BUSD)$1.00-0.02%
  • ethereum-classicEthereum Classic(ETC)$15.62-4.12%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • cosmosCosmos Hub(ATOM)$7.02-2.55%
  • hedera-hashgraphHedera(HBAR)$0.048694-2.95%
  • filecoinFilecoin(FIL)$3.31-0.67%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • lido-daoLido DAO(LDO)$1.601.84%
  • internet-computerInternet Computer(ICP)$3.202.79%
  • crypto-com-chainCronos(CRO)$0.050218-0.65%
  • MantleMantle(MNT)$0.407968-0.99%
  • makerMaker(MKR)$1,429.13-2.09%
  • quant-networkQuant(QNT)$87.92-0.59%
  • AptosAptos(APT)$5.29-1.70%
  • vechainVeChain(VET)$0.016617-3.21%
  • optimismOptimism(OP)$1.31-3.76%
  • ArbitrumArbitrum(ARB)$0.89-4.22%
  • nearNEAR Protocol(NEAR)$1.09-2.24%
  • KaspaKaspa(KAS)$0.050230-1.20%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%