Celsius pauses withdrawals, swaps, and transfers between accounts
As per the official announcement by Celsius, the move aims to put the company in a better position to honor, over time, its withdrawal obligations.The company states:
"We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets."Notably, it informed that the users would continue to accrue rewards during the pause. It says that the decision to pause the withdrawals, swaps and transfers between accounts is "the most responsible action" it can take to protect its community.
Celsius has not mentioned when it will restore the withdrawals, swaps, and transfers between accounts. However, it said that "this process will take time, and there may be delays."
DeFi lending behemoth also sent the same message to its customers via mail. Celsius was previously rumored to be selling stETH in order to restore liquidity to user withdrawals, which could result in liquidations.
CEL, the native crypto of the network, has dropped 53% in the last 24 hours. In the last three days, it has sent around 104,000 ETH to FTX, including 50,000 ETH today, 12,000 ETH yesterday, and 42,000 ETH the day before yesterday. It has also transferred approximately 9,500 WBTC to FTX today.
Nexo intends to acquire qualifying assets
Following what looks to be Celsius's insolvency, and in light of the ramifications for their retail investors and the crypto community, rival crypto-lending platform Nexo has extended a letter of intention to buy all or some part of the company's qualifying assets."We firmly believe that acquiring all or part of Celsius' qualifying, outstanding collateralized loan receivables will go a long way in providing immediate liquidity to CEL clients," it stated.
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