• Doubts about the sky-high yields backing products such as those Celsius Network offers have intensified after the collapse of the Terra ecosystem in May. | REUTERS
    Doubts about the sky-high yields backing products such as those Celsius Network offers have intensified after the collapse of the Terra ecosystem in May. | REUTERS

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Celsius Network paused withdrawals, swaps and transfers after weeks of speculation over the sustainability of the outsized returns being offered by the “decentralized finance” lending platform, fueling a broad cryptocurrency selloff.

Crypto markets tumbled after the Celsius announcement, with bitcoin dropping as much as 14% to the lowest level since December 2020 and other major tokens such as ether also falling sharply. Celsius’s CEL token was down about 50% to 19 cents as of 7:16 a.m. in New York, according to pricing data site CoinGecko.

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