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Celsius comes out with a statement a week after halting withdrawals

20 Jun 2022 : 09:06
2 min read
  • Crypto lender Celsius stated in a blog post that it is working with regulators and committed to finding a solution
  • The company also announced in the blog post that it had suspended all AMAs and Twitter Spaces
  • There are rumors that Celsius approached financial giant Citigroup to advise on alternative solutions.

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.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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