Celsius Crypto Platform Halts All Withdrawals as Bitcoin Tanks Over 13%
In the event that Celsius becomes bankrupt, enters liquidation or is otherwise unable to repay its obligations, any Eligible Digital Assets used in the Earn Service or as collateral under the Borrow Service may not be recoverable, and you may not have any legal remedies or rights in connection with Celsius’ obligations to you other than your rights as a creditor of Celsius under any applicable laws.
“We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets. Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers,” Celsius said.
The shutdown, at least temporarily, of Celsius isn’t the first major implosion in recent weeks. Terra and its cryptocurrency Luna melted down when its stablecoin went into a death spiral in just a
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