Need More Time to Resume Operations: Celsius Network

Crypto lender Celsius Network said Monday that it needs more time to resume its operation by stabilizing its liquidity and further pausing activities on Twitter. - 2022-06-20T170423.106.jpg

The company’s announcement came one week after the suspension of withdrawals, swaps and transfers, citing extreme market conditions, which resulted in rumours of insolvency.  

Celsius Network shared its updates on its blog, saying the company would continue “working with regulators and officials regarding this pause and our company’s determination to find a resolution” as a priority since its inception.

In addition, the network said it would focus on tackling challenges by further pausing its activities on Twitter and AMAs so that the platform can fulfil its responsibilities to its community.

Switzerland-based Nexo AG has shown its intention by offering a package to Celsius to acquire “certain remaining qualifying assets, mainly collateralized loan receivables secured by corresponding collateral assets, brand assets and customer database of the business” due on Jun 20 at 4:30 a.m. 

Crypto institutions are facing headwinds from crypto winter and the stock market’s poor performance over the past weeks. Hong Kong-based crypto lender Babel Finance was the latest lending platform to acknowledge it was suffering from volatility. 

Major tokens were also performing unstable over the weekend. The price of Bitcoin, the largest crypto, fell below $20,000 for the first time since November 2020.

Bitcoin was trading at around $20,521, up over 10% against the dollar during the Asia trading on Monday, bouncing above the $20,000 level, while Ethereum was trading at above $1,117 during the intraday, up more than 15%.

Image source: Shutterstock

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