Why did Crypto Celsius pause transfers citing extreme conditions?

3 answers

• Nov 24, 2021 · 3 years ago
  Crypto Celsius paused transfers citing extreme conditions due to the high volatility and unpredictability in the cryptocurrency market. This decision was made to protect the interests of their users and ensure the safety of their funds. By temporarily halting transfers, Crypto Celsius aims to prevent potential losses and mitigate risks associated with sudden market fluctuations.
  381191
• Nov 24, 2021 · 3 years ago
  The extreme conditions mentioned by Crypto Celsius could refer to situations where the market experiences significant price swings, high trading volumes, or technical issues that may impact the stability of the platform. By pausing transfers, Crypto Celsius can assess and address these conditions before resuming normal operations, ensuring a smoother and more secure user experience.
  385129
• Nov 24, 2021 · 3 years ago
  According to BYDFi, another digital currency exchange, pausing transfers during extreme conditions is a common practice in the industry. It allows exchanges to evaluate the market situation, implement necessary risk management measures, and protect users from potential losses. By taking proactive steps to address extreme conditions, Crypto Celsius demonstrates its commitment to maintaining a secure and reliable platform for its users.
  438110