the lender of crypto Celsius said in a blog post that it was working with regulators and trying to find a solution. The company also announced that it had suspended all AMA and Twitter spaces. Celsius is rumored to have approached financial giant Citigroup to advise on alternative solutions.
An Overview of the Celsius Post
The company announces that it worked for find a solution to what he called liquidity and operational difficulties.
According to the blog post: “We want our community to know that our goal continues to stabilize our liquidity and operations. This process will take time.”
As a reminder, Celsius has amassed billions of dollars in client assets by offering retail investors an easy way to earn double-digit returns on their holdings in crypto. The company froze withdrawals and suspended transfers between accounts on June 12, citing “terms Steps extremes» as cryptocurrency prices fell.
On Friday, the CEO of Celsius, Alex Mashinskycanceled his weekly “ask me anything” event, where he’s been fielding questions from all comers for years. So the company also announced in a blog post that it had All AMA and Twitter spaces suspended until further notice to “focus on solving these unprecedented challenges.”
See also: FTX will expand its operations in North America by acquiring the Canadian exchange Bitvo.
The company has hired lawyers in charge of the restructuring
the contracted company a restructuring consultantSimilar Gump Strauss Hauer & countryside LLP to help you solve your current financial problems, the Wall Street Journal reported. There are also rumors that Celsius has approached the financial giant Citi Group Advise on alternative solutions.
Citigroup and Celsius are no strangers. In addition, Celsius is looking for new financing solutions from investors. The bank also advised Celsius on the business and IPO prospects of its mining subsidiary, although these are no longer available.
To go further: Binance suspends withdrawals and deposits in Brazil due to secondary payment partner change.