Celsius Network Pauses AMAs and Twitter Spaces, Wants More Time to Find Solution

A week after withdrawals were halted, among all other services, the team behind Celsius suspended some of its online engagement programs, including AMAs. At the same time, the project promised to work with regulators to find a solution to the ongoing problems.

• The latest update shared by Celsius indicates that the team’s focus has not changed over the past seven days as they attempt to stabilize overall liquidity and operations. However, the message 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, however, the team said it suspended 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 who have been unable to withdraw their funds for a week now.
• Celsius’s statement comes just days after the CEO of BnkToTheFuture – Simon Dixon – (lead investor in the project), offered a possible solution, similar to what Bitfinex did in 2016 after suffering a massive hack:

“I think this can only be solved with a solution using financial innovation like we did with Bitfinex which was solved in 9 months and worked very well for depositors. – Dixon said, after indicating that traditional finance “won’t have a timely solution for Celsius.”

• This could be one of 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 transferring over $300 million in digital assets to FTX for no reason.

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