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Celsius Halts Withdrawals, CEL Token Collapses

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Alex Dovbnya

Celsius has halted all withdrawals due to extreme market conditions

Popular cryptocurrency lending platform Celsius has halted all withdrawals, according to an announcement posted earlier this Monday.

The price of the native Celsius (CEL) token collapsed more than 50% on the news.     

It’s unclear when users will be able to withdraw their funds, but the company says that restoring this functionality is its “ultimate objective.”

Celsius has also disabled swaps and transfers between different accounts due to market conditions.  

Prior to the announcement, the lending platform withdrew roughly $250 million from decentralized finance protocol Aave and sent it to the FTX exchange. The reason behind such a move hasn’t been specified, prompting more speculation within the community.

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