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Celsius Network announced that it is working on a solution to the current situation

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  • Celsius Network said it’s working with regulators and remains determined to resolve its problems.
  • The update comes a week after the crypto lending firm halted all client withdrawals.

Crypto lending firm Celsius Network said it’s working with regulators and remains determined to find a resolution a week after stopping clients withdraw funds from their accounts. 

“We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” the company wrote in blog post. 

Celsius built up billions of dollars in client assets by offering retail investors an easy way to earn double-digit yields on their crypto holdings. The firm froze withdrawals and paused transfers between accounts on June 12, citing “extreme market conditions” as crypto prices slid. 

On Friday, Celsius CEO Alex Mashinsky cancelled his weekly “ask me anything” event, where for years he’s been answering queries from all comers. The company said in the blog post it will be pausing these AMAs — along with its Twitter Spaces — until further notice so that it can “focus on navigating these unprecedented challenges.”

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