Why Celsius Crypto Platform Pause All Withdrawals?
Recently, the crypto lending platform Celsius has fallen into a serious financial crisis and suspended withdrawals, locking billions of users' funds. It caused violent turmoil in the crypto market after Luna. People even regarded it as a "Lehman moment", indicating that the event may, be like the Lehman company that caused the global financial crisis in 2008. That may lead to a more damaging and series of crises in the crypto world. The article will explain how the Celsius platform works and why they suspend withdrawals. What Is Celsius Network? Celsius Network is one of the world's top crypto lending and interest-earning yield platform that was founded in 2018. Celsius claims they are a democratized interest income and lending platform just like a bank that is built on blockchain. Celsius has had a great time, raising $750 million funds in November last year, moreover, the asset management scale used to be more than 30 billion US dollars. According to its offic...