Celsius Network Breaks Silence in a Recent Blog Post

Vignesh Karunanidhi
Celsius Network Breaks Silence in a Recent Blog Post
Source: Coinkolik

Celsius releases a new blog, breaking its silence to address its community about what is happening. However, the blog doesn’t seem to enlighten the users with the slightest hope of resuming its withdrawals and trading.

The blog states that the Celsius team is working quickly to stabilize the operations and liquidity on the platform. The team states that quick steps are taken in order to provide the community with more information.

The blog also reads that the team is working with all the clients and community in mind to survive the toughest times as Celsius is struggling financially to stay put.

Source: Cryptoslate

Celsius gives no hint about a resurrection date

The blog takes users through the different activities that the team is engaged in. However, it doesn’t mention a date when they will be resuming all the activities on the platform.

The Celsius team also mentioned that they are taking the necessary steps to protect the assets. The team highlights the processes that include liability restructuring and many other activities. According to Celsius, these activities will take time and are complex.

The year 2022 proved to be one of the more devastating years for many crypto enthusiasts. The fall of the Terra ecosystem that witnessed investors losing millions was followed by the bear market and rising interest rates and inflation.

Source: TheCoinrise

As the investors were slowly recovering from the sudden fall of Terra, Celsius also stunned its users with its announcement on June 13. Celsius chose to halt its withdrawals due to “extreme market circumstances.” The startling statement prompted the community to declare the platform unstable.

Some allegations were spreading about Alex Mashinsky that he was trying to flee the country. But Mike Alfred, a crypto analyst stated that he was just stopped by the authorities at the airport as he was heading to Israel. It’s been more than 17 days since Celsius halted its activities and the users are still waiting for a day when they can access their funds.