Crypto Lender Celsius Halts Withdrawals Citing “Extreme Market Conditions”

As the crypto market experiences an extended bearish run, dropping nearly 30% in 24 hours, the spotlight has moved squarely to decentralized finance (DeFi) and its chaotic reaction to the current market distress. With the Terra stablecoin implosion not far back in the rearview mirror, American-Israeli crypto lending firm Celsius has emerged as the latest casualty of the market downturn. Amid tumbling crypto valuations, Celsius posted an official memo on its website for its community, explaining, “due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts.