Celsius halts withdrawals amid concerns over Notbremse DeFi protocol
6/13/2022, 04:05 PM
Celsius will stop payouts to users of the lending platform for the time being. This is according to an official statement from the company today, June 13.
"Due to the extreme market conditions, we are announcing today that Celsius will pause all withdrawals, swaps, and transfers between accounts," the company explains in the letter.
The drastic step is intended to stabilize "liquidity" and "preserve and protect assets".
Lending in the crypto space describes the process of lending your coins and earning rewards in return.
The crypto market is currently struggling and continues to head south.
It remains to be seen how the situation develops for other lending networks
"Due to the extreme market conditions, we are announcing today that Celsius will pause all withdrawals, swaps, and transfers between accounts," the company explains in the letter.
The drastic step is intended to stabilize "liquidity" and "preserve and protect assets".
Lending in the crypto space describes the process of lending your coins and earning rewards in return.
The crypto market is currently struggling and continues to head south.
It remains to be seen how the situation develops for other lending networks