Jun 13, 2022 at 15:48 UTC 740627Celsius addressed their community with a memo late at night on June 12th, 2022 announcing the platform’s suspension of withdrawals, swaps, and transfers between accounts.
Users will continue to earn rewards during the pause as the platform is committed to delivering its promises to its customers.
This will be an attempt to stabilize liquidity in order to restore withdrawals, swaps, and transfers between accounts as soon as possible.
Moments before the pause of withdrawals, the CEO of Celsius addressed concerns in a Twitter thread regarding the ability to withdraw on their platform.
At the time, withdrawals were not paused, however, the Twitter thread likely contributed to a “DeFi” bank run as liquidity became unstable very quickly afterward.
Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.