.CelsiusNetwork has paused withdrawals, swap and transfer products, citing 'extreme market conditions.' nikhileshde reports.
Crypto lending service Celsius announced early Monday it would pause withdrawals, citing"extreme market conditions."it would also pause its swap and transfer products, according to a blog post. It did not provide a timeline for resuming withdrawals.
"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," the blog post said., after former CFO Yaron Shalem was arrested by Israeli police in 2021.
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