Celsius Network Pauses All Cryptocurrency Withdrawals

Locking up roughly $12 billion USD in digital assets.

Tech
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Celsius – one of the largest cryptocurrency lenders — has locked up all of its customers’ assets after this week’s market crash. On top of both Bitcoin and Ethereum taking a sharp dive, Celsius’ CEL coin also took a huge tumble, going from $0.65 USD last Friday to yesterday’s low of $0.18 USD.

Celsius’s official statement reads: “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”

Fortune has the total amount of assets tied up in Celsius somewhere in the $12 billion USD range.

In other tech news, Elon Musk is on track to becoming the world’s first trillionaire.

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