Cryptolending platform Celsius said it has suspended withdrawals from its platform, citing market conditions.
The Block reports that the company had the financial resources to provide withdrawals for only a few weeks.
According to the Financial Times, as of May, Celsius was managing $12 billion in client assets.
“Due to extreme market conditions, we are announcing today that Celsius is suspending all withdrawals. We are making this decision today so that Celsius can meet its withdrawal obligations later,” the company said.
For his part, cryptocurrency journalist Colin Wu reported that Celsius transferred about 104,000 ETH to the FTX exchange in three days.
Amid this news, the price of Celsius’ own token (CEL) plummeted 46% to $0.20.