A prominent cryptocurrency lender essentially collapsed Monday and banned all withdrawals from its platform, citing "extreme market circumstances."
It's the latest high-profile cryptocurrency meltdown. These meltdowns have wiped out tens of billions in investor assets and prompted demands to regulate the business.
Bitcoin traded at $22,400 late Monday, down 16% in a day. Ethereum dropped 17%.
The organisation offers up to 19% on select accounts for consumer deposits. Celsius loans out deposits to earn interest.
Francisco Orduna, 36, was directed to Celsius a year ago for its high crypto payouts.
It's the second cryptocurrency crash in two months. Terra crumbled in May, wiping out tens of billions of dollars in hours.