On June 12, Celsius froze all withdrawals, swaps, and transfers between accounts due to extreme market conditions. Celsius Network, a blockchain-based marketplace platform, took this step to ensure that it will be able to uphold its withdrawal obligations in the future.
As per the announcement made by the Celsius network on June 12:
“We understand that this news is difficult, but we believe that our decision to pause withdrawals, Swap, and transfers between accounts is the most responsible action we can take to protect our community. We are working with a singular focus to protect and preserve assets to meet our obligations to customers.”
The platform aims to stabilise liquidity and restore withdrawals, swaps, and transfers between accounts. However, Celsius Network emphasised that this procedure will take some time. The platform has added a section in their existing Terms of Use section which will help the procedure to take place in order to fulfill its commitment and to conform to their risk management strategy.
The crypto industry has been affected by the recent Terra Luna crisis, as well as a general risk-off strategy amid rising inflation and central bank hawkishness. Similarly Terra Luna, the Celsius token (CEL) was part of a network which comprised traditional financial activities like lending crypto assets and receiving interest on digital assets.
The current price of the Celsius Network token CEL is $0.204418, with a 24-hour trading volume of $27,058,210 at the time of writing. CEL’s price has decreased by 45.6 percent in the previous 24 hours. Currently, there are 420 million CEL coins in circulation and a total supply of 693 million.
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