Drastic steps are taken as markets contract
Leading crypto exchange Celsius paused all transactions and withdrawals across its DeFi network on June 13, locking up around $12 billion in customer funds as crypto markets plunged this past weekend again. Controversially, Celsius triggered a clause in its Terms of Use that allows for this process to take place without any customer consultation required and at writing, has not given a timeline for reactivation.
The move comes as the crypto market sank further into depression over the last few days. ETH was down more than 36% in the previous seven days, while BTC declined 28%. At the same time, other assets such as the token of the Bored Ape Yacht Club Metaverse, APECOIN, and DeFi and lending behemoth Aave’s AAVE, are both down more than 43% at writing. On the flip side, many DeFi and exchange dapps have increased their user numbers as investors started to make moves amidst the fire sale.
