After halting customer withdrawals last week, crypto lender Celsius has delivered an update on its situation. "Our objective continues to be stabilizing our liquidity and operations." The New Jersey-based firm stated in its Sunday blog post. "This process will take time."
"As has been a priority since our company's inception, we maintain an open dialogue with regulators and officials," Celsius said. "We plan to continue working with regulators and officials regarding this pause and our company's determination to find a resolution."
Celsius Cancels AMA Session
Since its launch in 2018, Celsius has been maintaining live Ask Me Anything sessions. It would include revealing the platform's inflows, outflows, and new registrants.
However, the company said it would pause its Twitter Spaces and Reddit AMA sessions "to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community."
Last Friday, Celsius abruptly canceled its scheduled Reddit AMA session, with CEO Alex Mashinsky appearing with a similar message on the company's YouTube channel.
Distressed Celsius Users Amid A Crypto Bear Market
Last Sunday, Celsius' move to freeze withdrawals, swaps, and transfers sent shockwaves across the crypto industry. This decision played a significant role in the decline of the broader market.
Many Celsius customers have a substantial amount of capital locked on the crypto lending platform. But the embattled crypto lender is yet to give any form of an update following last week's freeze.