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Crypto lending firm Celsius asks users more time to fix issues after halting withdrawals

Crypto lending firm Celsius asks users more time to fix issues

June 22, 2022: -Embattled cryptocurrency that lends firm Celsius expects users to provide more time to stabilize liquidity and operations following the market downturn caused the firm to freeze withdrawals for its customers.

The cryptocurrency market is seeing billions of dollars of value wiped off in the previous few weeks, with bitcoin coming down below the $20,000 mark this weekend.

Celsius delivers high yields to users depositing their crypto with the company by loaning it to other institutions to generate a profit.

But the previous week, the company suspended withdrawals for customers due to “extreme market conditions.”

On Monday, Celcius followed customers for extra time to deal with the situation.

“We want the community to know that our objective is to stabilize our liquidity and operations. This will take time,” the company said in a post.

“As it has been a priority since the inception of the company, we maintain an open dialogue with regulators and officials. We plan to work with regulators and officials about this pause and our company’s determination to find a resolution.”

Celsius added that it would pause Twitter Spaces and Ask Me Anything, or AMAs, “to focus on navigating these unprecedented challenges and seek to fulfill our responsibilities to our community.”

Celsius has been reaching a confluence of factors that have put it on the brink of potential insolvency.

The market 09xs45 has deteriorated the value of the assets it holds. While a substantial exposure to a token called staked ether, or teeth, has furthered Celsius’s liquidity issues.

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