Crypto lender Celsius stated in a blog post that it is working with regulators and committed to finding a solution.
Celsius says it’s determined to find a solution
A week after Celsius, a crypto lender that manages billions of dollars in client assets and offers retail investors double-digit yield froze withdrawals, it issued a blog post stating that it is working to find a solution to what it calls liquidity and operational difficulties.
“We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” the company wrote in a blog post.
The company also announced in the blog post that it has suspended all AMAs and Twitter Spaces until further notice to “focus on navigating these unprecedented challenges.”
The firm also hired restructuring attorneys
According to The Wallstreet Journal, the firm has already recruited restructuring counsel from Akin Gump Strauss Hauer & Feld LLP to seek assistance on its present financial issues. There are also rumors that Celsius approached financial giant Citigroup to advise on alternative solutions.
Citigroup and Celsius are not strangers. Celsius is seeking new financing solutions from investors first and foremost. The bank also counseled Celsius on its mining subsidiary’s business and IPO prospects, although these are now unavailable.
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