Celsius has suspended ALL withdrawals, swaps and transfers — blaming 'extreme market conditions' 🚨 The network's CEL token has plunged by 50% over the past 24 hours 📉
According to the embattled platform's own website, "1.7 million people call Celsius their home for crypto" — a stark indication of the impact the current suspension could have.
There have been some in the crypto space who have been openly critical of Celsius for some time. One of them, Mike Alfred, wrote last month: Celsius Network is a big player in the crypto world, and managed to raise $750 million during an oversubscribed funding round last November. The company claimed it commanded a valuation of $3.5 billion at the time, a figure that's guaranteed to have fallen since.Celsius Network allows crypto investors to save their crypto and claims to offer annual percentage yields as high as 18.63% — with interest paid weekly. These deposits are then lent out to others.
And of course, the Celsius Network's suspension comes as major cryptocurrencies including Bitcoin and Ether suffer sharp selloffs.