The users, who are trapped, cannot return the money invested in that virtual currency, hiding behind the extreme volatility of the market
At the worst possible time. That’s when cryptocurrency trading and lending platform Celsius Network decided to suspend all withdrawals, transactions and transfers between accounts due to “extreme conditions” in the market. In other words, the holders of their virtual currency cannot return the invested money. There is no liquidity. And this decision has simultaneously led to another crash of bitcoin, which lost more than 13% and marked the biggest change against the dollar since December 2020. “We are making this decision to put Celsius in a better position to meet, over time, your withdrawal obligations,” the platform said in a statement.
The company, which allows its users to use their crypto-assets as collateral to fund their projects, has explained that it has decided to activate a clause in its terms of use that allows for this process, stressing that it will “use valuable assets.” has”. and works diligently to fulfill his obligations.
“We are taking this necessary step in the interest of our entire community to stabilize liquidity and operations while taking steps to preserve and protect assets,” he added, noting that customers will continue to receive corresponding rewards during the suspension. receive.
Celsius Network’s ‘corralito’ comes just a few weeks after the turmoil unleashed by the ‘cryptos’ Terra and Luna, which have sent the price of bitcoin plummeting, which this Monday gave up more than 13% to fall below $24,000. to change at lows since the end of 2020.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
