Panic in the Crypto Markets After $11 Billion Celsius Network Freezes Assets

The Daily Beast

Another day, another crypto meltdown that has left the naysayers cackling, the investors griping, and the armchair pundits wondering whether the digital-asset frenzy is headed for a final collapse.

The latest culprit: five-year-old crypto startup Celsius Network, which as of last month claimed to have more than 1.5 million users and $11 billion in assets on its platform.

On Sunday the company announced that—surprise!—it would stop letting users withdraw, swap, or transfer their assets, citing “extreme market conditions.”

. . .

“Bank of America couldn't unilaterally stop withdrawals. Period, full stop.  They couldn't,” said Stephen Palley, a partner at Anderson Kill in Washington, DC.

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