What is Celsius crypto lending?

Celsius, one of the more significant names in the crypto lending space, offers interest-bearing products to customers who deposit their crypto assets and provides crypto lending services. The crypto lender secured $750 million last November from a group of investors, including the second-largest pension fund in Canada.

What happened to Celsius Network?

Celsius Network, a crypto lending platform that once held $28 billion in assets under management, lost 88% of its assets in its mid-June crash, sending shock waves through the wider crypto world and prompting dozens of other crypto exchanges to freeze customer withdrawals. The firm filed for bankruptcy protection in July.

What's going on with Celsius's 'extreme market conditions' lawsuit?

Celsius had no immediate comment on the lawsuit, which seeks unspecified compensatory and punitive damages and was filed in New York state court in Manhattan. Stone's accusations follows Celsius' June 12 decision to freeze withdrawals and transfers for its 1.7 million customers because of "extreme" market conditions.

Why is Celsius paused?

“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swap, and transfers between accounts,” Celsius Network said in their statement. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”