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Crypto lender Celsius pauses withdrawals annd transfers citing ‘extreme market conditions’

Celsius Network, one of the largest crypto lenders, informed customers on Sunday evening that it is suspending withdrawals, swaps, and transfers between accounts, sparking debate and causing the price of the firm's token to fall by 60% in one hour to as low as 19 cents.

Users can deposit Bitcoin, Ethereum, and Tether and receive weekly interest payments. "We are taking this action today to put Celsius in a better position to honour its withdrawal obligations over time," wrote Celsius, whose investors include stablecoin issuer Tether International, growth equity fund WestCap Group, and Canadian pension fund Caisse de Dépôt et Placement du Québec.

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