Key facts
- Celsius Network paused all withdrawals four years ago today.
- The company cited "extreme market conditions" as the reason for the pause.
- $12 billion in assets were locked.
- 1.7 million users were affected.
- The CEL token price dropped 60% in one hour.
- Celsius filed for Chapter 11 bankruptcy one month after pausing withdrawals.
Four years ago today, the cryptocurrency lending platform Celsius Network announced it was pausing all withdrawals. The company cited "extreme market conditions" as the reason for the decision, which effectively locked approximately $12 billion in assets belonging to 1.7 million users. In the immediate aftermath, the platform's native token, CEL, experienced a sharp decline, crashing 60% within a single hour. The crisis ultimately led Celsius Network to file for Chapter 11 bankruptcy protection just one month later, marking a significant event in the history of decentralized finance.