Celsius suspended AMA and Twitter Spaces

This came a week after withdrawals for customers were stopped

20.06.2022 - 08:55

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1 min

What’s new? Celsius, a DeFi lending platform, has suspended its communication with the community within AMA (ask me anything) sessions and Twitter Spaces voice chat. According to a statement on the company’s blog, the ultimate goal remains the same — to stabilize liquidity, as well as preserve and protect assets. The Celsius team warned that this process “will take time.” The platform is also working with regulators and officials to resolve issues that have arisen.

Celsius blog

Details of the Celsius situation. On June 13, Celsius suspended the withdrawal of customers’ funds “due to extreme market conditions.” At the same time, regulators in five US states launched an investigation into Celsius. Crypto lender Nexo said it intended to buy the platform’s assets. Celsius later hired experts from the financial conglomerate Citigroup to advise on finding new sources of financing, as well as lawyers from Akin Gump to conduct restructuring.

On June 18, BnkToTheFuture co-founder Simon Dixon unveiled a plan to restore Celsius. He suggested applying the “financial innovation” used in 2016 to bail cryptocurrency exchange Bitfinex from liquidation.

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