In an email sent to customers, Celsius Network, a cryptocurrency startup that raised more than $50 million in venture capital, said it was suspending withdrawals and swaps due to “extreme market conditions.”
Celsius Network, the New York-based startup that provides interest-bearing cryptocurrency accounts and short-term loans, has alerted its customers via email that it is “pausing all withdrawals, swaps, and deposits until the market conditions stabilize.”
Celsius is taking the necessary action for the benefit of its entire community in order to stabilize liquidity and operations to preserve and protect assets.
Either way, it’s not a good sign for the exchange and can cause serious problems for their users. If you are holding any crypto on an exchange, it’s important to be aware of the risks involved.
The amount of the assets they currently have isn’t entirely clear. Their website claims to have over 150 BTC worth of assets.
Cryptocurrency exchanges are often forced to pause withdrawals in order to perform maintenance. This is a common occurrence and is usually nothing to worry about. However, there have been a few cases where exchanges have paused withdrawals for more nefarious reasons. Always be sure to do your own research before trusting an exchange with your funds.