celsius: Crypto firm Celsius pauses all transfers and withdrawals between accounts
Bitcoin extended earlier declines after Celsius's announcement, falling more than 6 percent to as low as USD24,888, an 18-month low. Ether, the world's second-largest cryptocurrency, dropped more than 8 percent to USD1,311, its lowest since March 2021.
"We are taking this necessary action ... in order to stabilize liquidity and operations while we take steps to preserve and protect assets," the company said.
"Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers."
Celsius Network, which raised USD750 million in funding late last year, is a significant player in crypto lending. It offers interest-bearing products to customers who deposit their cryptocurrencies with the company, and lends out crypto currencies to earn a return.
The sector has come under regulatory scrutiny however, particularly in the US.
Crypto markets have been under pressure in recent months, falling alongside other so-called risk assets as interest rates have risen around the world.
Price falls have also both been caused by and contributed to the collapse of some crypto projects, most notably the collapse of stablecoin TerraUSD.
TerraUSD last month broke its dollar peg and collapsed in value, rocking the crypto industry.
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