Celsius Token falls 70% in one hour as the platform suspends withdrawals

Celsius Network, one of the largest crypto lenders, told customers that withdrawals, swaps, and even transfers between accounts would be halted on June 12.

Celsius token fell 80%
Celsius Token

Celsius was also alleged to be a seller of stETH in order to restore liquidity to user withdrawals, which could lead to liquidations.

"We are taking this move now to put Celsius in a better position to honor its withdrawal obligations over time," the Celsius team wrote.

According to the Ethereum block explorer etherscan, Celsius has transferred around 104,000 ETH to the crypto exchange FTX in the last three days.

Following that, the company deposited 50,000 ETH today, 12,000 ETH yesterday, and 42,000 ETH the day before yesterday. Furthermore, Celsius deposited 9,500 WBTC to FTX today.

As a result of the announcement, the price of the company's CEL token collapsed by 70% in one hour from a previous high of $0.49 early Sunday ($0.15). According to CoinMarketCap, a cryptocurrency market tracker.