Celsius Network, one of the biggest crypto lenders, told customers Sunday evening that it is pausing withdrawals, swap, and transfers between accounts in a move that has sparked discussions and prompted the price of the firm’s token to take a 60% tumble in the past one hour to as low as 19 cents.
“We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” wrote Celsius, which counts stablecoin-issuer Tether International, growth equity fund WestCap Group and Canadian pension fund Caisse de Dépôt et Placement du Québec among its investors.
“Acting in the interest of our community is our top priority. In service of that commitment and to adhere to o …
