On June 12, crypto lending platform Celsius reported stopping all the withdrawals, swaps, and transfers between accounts because of extreme market conditions. The crypto market has experienced volatility and prices fell significantly.
Related: The price of Celsius fell by 50% amid the suspension of withdrawals
An announcement by the company said that the team was taking the necessary step to stabilize liquidity and operations while preserving and protecting assets.
However, Alex Mashinsky, the Chief Executive Officer of the company, had been silent until he tweeted about the issue today. He said the Celsius team is working non-stop and is focused on users' concerns. Mashinsky thanked the community for patience and support. It still remains unclear when and how the situation will be solved.
@CelsiusNetwork team is working non-stop. We’re focused on your concerns and thankful to have heard from so many. To see you come together is a clear sign our community is the strongest in the world. This is a difficult moment; your patience and support mean the world to us.
— Alex Mashinsky (@Mashinsky) June 15, 2022
Celsius hired restructuring lawyers to get advice and see how it can correct the company's financial situation. According to a report by Wall Street Journal, Celsius may be leveraging the bankruptcy and restructuring law firm Akin Gump Strauss Hauer Feld LLP. It is looking at financial options by investors and other strategic alternatives.