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Withdrawals stopped on the “Celsius” platform and the price of the digital currency of the CEL platform collapsed

Withdrawals stopped on the “Celsius” platform and the price of the digital currency of the CEL platform collapsed

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Answer Withdrawals stopped on the “Celsius” platform and the price of the digital currency of the CEL platform collapsed

Cryptocurrency lending platform Celsius has suspended all withdrawals, according to to announce Posted earlier today, Monday.

The price of the digital currency CEL has collapsed by more than 30% at the time of publication of this article.

It is not clear when users will be able to withdraw their funds, but the company says restoring functionality is its ultimate goal for now.

Celsius has also disabled swaps and transfers between different accounts due to market conditions.

Prior to the announcement, the lending platform withdrew nearly $250 million from the Aave Decentralized Funding Protocol and sent it to crypto exchange FTX.

Read:50% of Bitcoin holders are in a losing position…Why is this positive for Bitcoin?

The reason behind the move has not been determined, which has led to more bad speculation and misgivings within the crypto community.

On June 11, Alex Mashinsky, CEO of Celsius, told Celsius that rumors of users not being able to withdraw their money were false and misleading information.

in Tweet Separately, he wrote that he had many enemies because he was victorious and successful.

Celsius users started complaining en masse about withdrawal issues right after Project Terra crashed in early May.

But each time the company assured its clients that their money was safe.

Nathan Anderson, founder of Hindenburg Research, said:

It’s over.

Celsius’ fraud scheme collapsed.

He also mentioned how the company initially refused to respond to whether or not the company’s former chief financial officer, Yarom Shalem, was arrested last November in Israel.

The Celsius news exacerbated the negative situation in the market, as Bitcoin fell to $25,000 levels.

Read:Opinion: Bitcoin ETF could lead to cryptocurrency price crash in this case!

Read also:

Twitter founder announces 5 web development streak on the Bitcoin blockchain

Study: More than half of wealthy Asian investors were exposed to cryptocurrency in Q1 2022



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