Celsius Network (-54%) Pauses Withdrawals, Causing Crypto To Fall Further

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Crypto markets already suffered because of widespread inflation worries which also hit worldwide stock markets, but the news of Crypto lender Celsius Network Ltd pausing withdrawals, swaps and transfers on its platform, caused an even bigger run for the exit.

#celsius down 99%, withdrawals frozen. @mashinsky in hiding? pic.twitter.com/nItUVkm1eC

— Richard Heart (@RichardHeartWin) June 13, 2022

Celsius stated on Twitter that they are:

Pausing all withdrawals, Swap, and transfers between accounts. Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community.

.@CelsiusNetwork is pausing all withdrawals, Swap, and transfers between accounts. Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community. More here: https://t.co/CvjORUICs2

— Celsius (@CelsiusNetwork) June 13, 2022

According to Bloomberg this morning, Nexo, a London-based competitor, has stated it’s intention to purchase the “remaining qualifying assets” of Celsius.

After what appears to be the insolvency of @CelsiusNetwork and mindful of the repercussions for their retail investors & the crypto community, Nexo has extended a formal offer to acquire qualifying assets of @CelsiusNetwork after their withdrawal freeze. https://t.co/JFtKTHRLcY

— Nexo (@Nexo) June 13, 2022

At the time of writing, Celsius coin dropped 54%.

Tether, the biggest stablecoin of the crypto network, stated that:

The investment and loans with Celsius have no impact on its reserves or stability

Tether says the investment and loans with Celsius have no impact on its reserves or stability

— Blockworks (@Blockworks_) June 13, 2022

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