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Home Blog Celsius Has Stopped Transactions and Transfers
Article by Yunis
15 June 2022 (Updated 24 July 2024)

Celsius Has Stopped Transactions and Transfers. Another massive sell-off after the Luna crash hit the markets.

After a major sell-off in may, we have witnessed another crazy turbulent week in crypto. USDD lost its peg, and the founder started burning reserves. A sudden BTC sell-off caused some platforms to stop withdrawals.
Celsius Has Stopped Transactions and Transfers! So did Binance
  • USDD lost its peg to 0.97.
  • BTC price went under 24k after massive sell-off.
  • Celsius halted withdrawals.
  • Nexo offered to buy-out Celsius.

Celsius has stopped transactions and transfers. Recently, an unfortunate situation has been heard about Celsius. We think that everyone who is interested in crypto has heard about it. Today we will consider this issue in detail in our news. First, let's give brief information about Celsius.

Celsius (CEL) is a cryptocurrency user's all-in-one banking and financial services platform. At the same time, Celsius is a platform that gives its investors interest in cryptocurrencies, such as deposits. The platform was released in June 2018.

What is going on with Celsius Network?

On 13 June 2022 Celsius reported that withdrawals, exchanges and transfers were temporarily halted due to unusual market conditions. The announcement by Celsius comes after a weekend decline in the cryptocurrency market. Celsius's own token, CEL, has fallen by more than 70 per cent from $0.48 to $0.14 in the last 24 hours. Due to this reason, Celsius has stopped all withdrawals and transfers, citing the decline in the cryptocurrency market.

USDD, the stable coin created by TRX founder Justin, has lost its peg. He went down the same road as Do Won's Luna. BTC reserves started to be spent, which resulted in a massive sell-off. The sudden decline in Bitcoin prices has put some sites in financial jeopardy. After transferring bitcoin holdings to FTX, Celsius announced that withdrawals would be halted. Withdrawals were also halted by Binance for a few hours due to congestion. After the bitcoin price fell below $25k, it is thought that Celsius reserves were over-leveraged and faced financial trouble.

According to the sources, Celsius, which offers returns on customer deposits, managed over US$11.8 billion in assets from 1.7 million users as of May 17, 2022. The US crypto law introduced last week aims to protect investors by ensuring that their assets are kept separate in accounts where cryptocurrency exchanges go bankrupt.

In the face of these situations, a move has come from NEXO. Now let's deal with it.

What NEXO Said?

NEXO, a cryptocurrency lending and staking platform, said in a statement after the Celsius crisis that they are continuing its operations smoothly. NEXO offered to buy out Celsius. The cryptocurrency company NEXO reported that the company wants to buy the assets of Celsius. NEXO said that they were in a solid liquidity and equity position to easily acquire all remaining qualifying assets of Celsius, mainly collateralized loan portfolios.

NEXO also stated that they had contacted the Celsius team to provide support, but this request was rejected by the team, and they once again requested support for Celsius. NEXO announced that they will be able to acquire all the remaining assets of Celsius, mainly collateralized loan portfolios and that they are preparing an offer for this deal.

Nexo, its partners and affiliates can easily obtain from Celsius, subject to Nexo's risk management and collateral requirements, eligible, outstanding secured loan payables secured by corresponding pledged cryptocurrency collaterals. What makes NEXO different is that it has a sustainable business model based on prudent risk management. Thus, this application also allows you to maintain financial stability in all kinds of market conditions.

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