Crypto lending giant Celsius halts withdrawals
by Richard Lawler from The Verge - All Posts on (#609PK)
Exhibition And Experience Zones at The Paris NFT Day Conference The Celsius Network, which is one of the largest crypto lenders, announced Sunday night that it was pausing all withdrawals, Swap, and transfers between accounts." It has 1.7 million customers.
The company's token, CEL, is trading at 23 cents as of this writing, according to CoinMarketCap. That's a 92 percent decrease from April 8th, when CEL was worth $3. The token was worth nearly $7 a year ago.
There have been questions about Celsius Networks' high yields, its connections to failed stablecoin Terra, and its reserves. The value of assets on its platform dropped by half to $12 billion in May, from $24 billion in December 2021. Between March and May, a billion dollars flowed out of the system, The Financial Times reported.
In a June...