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Cryptocurrency lending firm Celsius CEL/USD says it is pausing all withdrawals, swaps and transfers between accounts.

What Happened: Celsius said in a statement late Sunday it is taking the steps &ldquo;due to extreme market conditions.&rdquo;

&ldquo;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,&rdquo; the firm said.

Celsius said while it understands the news is &ldquo;difficult&rdquo; it believes it is the best decision. It said it was working to &ldquo;protect and preserve assets&rdquo; to meet its obligations.&nbsp;

&ldquo;Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible.&rdquo; 
See Also: <a href="https://www.benzinga.com/money/best-crypto-debit-cards/" style="text-decoration-line:none">Best Crypto Debit Cards</a>

Why It Matters: The Block&nbsp;Crypto&#39;s&nbsp;Frank Chaparro&nbsp;had earlier tweeted that&nbsp;there were rumors about Celsius&rsquo; ability to support withdrawals &ldquo;swirling around crypto OTC desks.&rdquo;

<blockquote class="twitter-tweet">
It&rsquo;s actually really brutal 
 
If Celsius has weeks worth of runway 
 
That&rsquo;s very bad for the space
&mdash; Frank Chaparro (@fintechfrank) <a href="https://twitter.com/fintechfrank/status/1535794576644259841?ref_src=twsrc%5Etfw">June 12, 2022</a></blockquote>
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Internet entrepreneur Nic Carter tweeted &ldquo;it&rsquo;s so over&rdquo; and shared an email a Twitter user received from Celsius.&nbsp;

<blockquote class="twitter-tweet">
it&#39;s so over <a href="https://t.co/dDOasHinJl">https://t.co/dDOasHinJl</a>
&mdash; nic carter (@nic__carter) <a href="https://twitter.com/nic__carter/status/1536171037108445184?ref_src=twsrc%5Etfw">June 13, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Celsius operates on Ethereum&rsquo;s ETH/USD network. The CEL token was down 55% to $0.155 at press time and the Ethereum chart suggests the second-largest cryptocurrency&#39;s market price reacted to the news.

ETH dropped 8% to $1,351.84 at the time of writing.&nbsp;

<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/22/06/27664447/bitcoin-ethereum-dogecoin-plunge-sharply-will-the-weekend-crypto-pain-ease-out-slowly-in-t" style="text-decoration-line:none">Bitcoin, Ethereum, Dogecoin Plunge: Investors Jittery, But Will Crypto Pain Ease In Week Ahead?</a>

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Cryptocurrency lending firm Celsius (CRYPTO: CEL) says it is pausing all withdrawals, swaps and transfers between accounts. What Happened: Celsius said in a statement late Sunday it is taking the steps &ldquo;due to extreme market conditions.&rdquo;

Flash Crash: Celsius Drops 55%, Halts Withdrawals 

Shivdeep Dhaliwal

Cryptocurrency lending firm Celsius (CRYPTO: CEL) says it is pausing all withdrawals, swaps and transfers between accounts.

What Happened: Celsius said in a statement late Sunday it is taking the steps &ldquo;due to extreme market conditions.&rdquo;

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