Celsius

Celsius CEO Alex Mashinsky. Piaras Ó Mídheach | Sportsfile for Web Summit | Getty Images. Celsius, a controversial cryptocurrency lending platform, said Monday ...

"We've been doing this for five years now, longer than anybody else," he said at the time. Just last week, the company said it had not had any issues meeting withdrawal requests. Celsius has valuable assets and we are working diligently to meet our obligations." The firm has seen the value of its assets more than halve since October, when it handled $26 billion in client funds. Ether dropped 8% to $1,329, while Celsius' cel token plunged more than 50%. Celsius' cel token has also erased 97% of its value in the same timeframe.

The Celsius crypto network has halted all trading, including withdrawals, according to a press release from the company released overnight.

Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers,” Celsius said. “We understand that this news is difficult, but we believe that our decision to pause withdrawals, Swap, and transfers between accounts is the most responsible action we can take to protect our community. Celsius has valuable assets and we are working diligently to meet our obligations,” the statement continued. But what are those “terms of use” Celsius is referencing? “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. The Celsius crypto network has halted all trading, including withdrawals, according to a press release from the company released overnight.

Transfers also 'paused' between Celsius accounts as value of digital asset market slips below $1tn.

Celsius also offers customers higher returns if they accept their interest payments in the project’s own crypto token, CEL, which was trading at $7 last year and has fallen to less than $0.20. “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swap, and transfers between accounts,” the platform said. That can be useful if, for instance, a bitcoin millionaire needs some hard cash to buy a house but does not want to liquidate their bitcoin holdings because they are gambling the coin will go up again. Celsius’s website tells customers they can “borrow like a billionaire”. It has $11.8bn in assets, down from more than $24bn in December last year. Celsius said in a blogpost it was “pausing” all withdrawals and transfers between accounts for its 1.7 million customers. Meanwhile Binance, the cryptocurrency exchange, announced on Monday that it had “temporarily paused” bitcoin withdrawals owing to a “stuck on-chain transaction”.

Bitcoin tumbled on Monday after major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers citing "extreme" conditions, ...

So far, Celsius has chosen not to engage," said Nexo co-founder Antoni Trenchev. Celsius and crypto firms that offer services similar to banks are in a "grey area" of regulations, said Matthew Nyman at CMS law firm. Register now for FREE unlimited access to Reuters.com The collapse in May of the terraUSD and luna tokens also shook the industry. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com

Crypto lending platform Nexo came forward with a bid to acquire “certain remaining qualifying assets” of its competitor Celsius Network.

“Nexo’s underlying sustainable business model has allowed it to maintain financial stability in any market circumstances and as a result, the company is in a solid liquidity and equity position to help mitigate the consequences of Celsius’ distressed state.” The New York-based Celsius announced that it is freezing all withdrawals and transfers between accounts late on Sunday night. “Nexo has been an independent observer of the latest developments at Celsius and is mindful of the detrimental repercussions for retail investors and the blockchain community at large,” reads the letter.

Alex Mashinsky wanted to unbank the world—now his dream may be in tatters as liquidity dries up and the value company's native CEL evaporates.

In a reference to Internet-enabled voice communications like Skype, he termed this killer app “ Money over Internet Protocol”, or MoIP, where the word money replaced voice. Finally, sky high U.S. inflation figures announced on Friday launched a stark retrenchment in cryptocurrency over the weekend, with Bitcoin and Ether falling below key technical support levels. The decision was taken to “stabilize liquidity” while it took steps “to preserve and protect assets”, prompting a backlash from customers fearing their funds could be lost. Even if it's honest, once the withdraws are restored, of course everybody will take their money away." The rate received would increase if they accepted it in the form of CEL tokens instead of rival tokens. Launched in March 2018, CEL is one of the many so-called ERC-20 tokens that runs on the Ethereum blockchain.

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Celsius halted withdrawals from its platform. When and if the ban is lifted, rapid withdrawals could cause Celsius to liquidate assets, pressuring whatever ...

Investors fear that a major crypto yield company might be nearing collapse. - Print Article - Order Reprints

The crypto-lending firm Celsius Network halted withdrawals and transfers, amid an apparent liquidity crisis, as the price of Bitcoin plunged to pre-pandemic ...

On June 13, the crypto exchange Binance halted bitcoin withdrawals on the heels of the Celsius news, and the prices of Bitcoin and Ether fell 11% and 13% respectively in the past day amid an industry-wide sell-off. “Celsius is about to be inundated with subpoenas and enforcement actions,” he added. “It’s sad because if we just paid attention to the past, a lot of the harms here and losses could have been prevented.” In 2020, the crypto lender Cred went bankrupt after reportedly taking out bad loans. Celsius operates like an unregulated bank, enticing customers with staggeringly rates for deposits of cryptocurrencies, and then loaning out those deposits to other customers. Celsius, which promises high-yield returns on customer deposits, appears to be the latest crypto company to buckle under tightening financial conditions.