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A week after halting withdrawals, among all other services, the team behind Celsius has suspended some of its online engagement programs, including AMAs. At the same time, the project promised to be working with regulators to find a solution for the ongoing issues.
- The latest update shared by Celsius reads that the team’s objective has not changed in the past seven days as they are trying to stabilize the liquidity and overall operations. However, the post warned that this process “will take time.”
- Celsius is also working with regulators and officials regarding its “determination to find a solution.”
To focus more on the necessary work that needs to be done, though, the team said they had paused Twitter Spaces and AMAs. - Echoing the words of the founder and CEO – Alex Mashinsky – the new post reaffirmed that they “continue to work around the clock” to find a solution for all customers that are unable to withdraw their funds for a week now.
- Celsius’ statement comes just a few days after BnkToTheFuture’s CEO – Simon Dixon – (lead investor in the project), offered a possible solution, similar to what Bitfinex did in 2016 after suffering a massive hack:
“I believe that this can only be solved with a solution using financial innovation like we did with Bitfinex that was resolved within 9 months and worked out very well for depositors.” – Dixon said, after indicating that traditional finance “will not have a timely solution for Celsius.”
- This could be among the very few options Celsius has, as reports claimed late last week that existing investors have no plans to bail out the platform.
- As reported last Monday, the popular crypto lender halted all of its services, including withdrawals, but only after it transferred over $300 million worth of digital assets to FTX without reasoning why.
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