Celsius CEO Alex Mashinsky Posted About the Issues

by in Cryptocurrency News

Alex Mashinsky Celsius

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.

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.