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Crypto firms Celsius, Binance halt withdrawals as bitcoin plummets
By Karl Evers-Hillstrom
The Hill, Washington
Monday, June 13, 2022
Cryptocurrency companies today blocked users from withdrawing funds as the value of bitcoin and other prominent digital assets plunged.
Crypto lending company Celsius Network announced late Sunday night that it would freeze all withdrawals and transfers due to "extreme market conditions." The move sparked an enormous selloff, with the price of bitcoin falling 12% to its lowest level since December 2020.
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Binance, the world's largest crypto exchange by trading volume, said today it was freezing bitcoin withdrawals due to "due to a stuck transaction causing a backlog."
Changpeng Zhao, the firm's CEO, tweeted that the fix would take only 30 minutes but later said that the problem was "going to take a bit longer to fix" than his initial estimate.
Celsius, which says it has 1.7 million customers, made its announcement after numerous cryptocurrencies tanked over the weekend. Ethereum, another popular digital coin, plunged nearly 32 percent from Friday to this morning. ...
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