What happens when you can no longer access your cash?

What happens when you can no longer access your cash?

June 14, 2022 Uncategorized

Bitcoin plunges as Caisse-backed crypto company Celsius Network freezes customer withdrawals, transfers

Celsius Network Ltd., which for years touted itself as the “world’s leading crypto earning and lending platform,” is freezing all withdrawals and transfers between its 1.7 million customers, as tokens such as bitcoin continue to plunge and investors rush to exit the digital asset market.

Citing “extreme market conditions,” the New Jersey-based company said in a blog post that a risk management clause about withdrawal obligations in its terms-of-use agreement has been activated indefinitely. That means customers are unable to pull their money out of Celsius, as the unregulated crypto exchange has decided to halt all transactions. As of May, the company held more than US$11-billion in assets.

“There is a lot of work ahead as we consider various options, this process will take time, and there may be delays,” Celsius said late Sunday. “Our ultimate objective is stabilizing liquidity and restoring withdrawals, Swap and transfers between accounts as quickly as possible.”

Major cryptocurrencies tumbled on Monday following the Celsius announcement. Bitcoin touched an 18-month low of $30,349. Ether dropped as much as 16 per cent to $1,585, its lowest price in two years.

Read more here: https://www.theglobeandmail.com/business/technology/article-crypto-company-celsius-network-freezes-customer-withdrawals-transfers/

About the author

Vernice Dauphin: Hello and thank you for visiting our website today: Please allow us to introduce ourselves and give you a better understanding of who we are what we are all about. We are Rey and Vernice Dauphin. We have been married for 29+ years with 3 children (all grown now) and currently reside in Atlanta GA. We are multiple business owners and the founders of 7streamz.com which is an umbrella for Dream Tax Service Inc. Dream Realty Inc, II and Black Mammoth FR8 Inc. We absolutely believe in the power of having 7Streamz of income and we are strong believers that diversity in business is the key to building wealth. We are young enough that we do not have grandchildren yet but old enough to have seen the economy turn in a way that devastated millions of families and small business owners. We are committed to serving our community through financial education, investing in Real Estate and simply put "Getting Your House In Financial Order". We teach city to city and state to state this simple principal - If you don't put your money to work for you then you will spend the rest of your life working for your money. We are glad you stopped by and look forward to serving you! Rey and Vernice D.