According to the most recent update from Celsius, the process of stabilizing its liquidity and operations will apparently ‘take time’, after the firm had paused withdrawals and transfers on its platform.
As per the blog post, Celsius is aiming to work with regulators and officials because of the firm’s commitment to finding a solution.
Already, Five state regulators are investigating Celsius over withdrawal freeze amid liquidation concerns and even the U.S. SEC is getting involved in this matter.
“As has been a priority since our company’s inception, we maintain an open dialogue with regulators and officials,” Celsius notes.
Also Read: How Celsius crashed Crypto Market
However, the team announced that its Twitter Spaces and AMAs have been halted in order to focus on the essential tasks that have to be done and “seeking to fulfill our responsibilities to our community.”
On Friday, Celsius abruptly canceled an AMA (Ask Me Anything) session with its CEO minutes before it was scheduled to begin.
The new tweet reiterated the sentiments of the company’s founder and CEO, Alex Mashinsky, by stating that they “continue to work around the clock” to reach a resolution for all clients who have been unable to withdraw funds for more than a week.
Celsius Network is already gearing up to fight its legal battles on its own as it will not be bailed out by its investors, which include the Caisse de dépôt et placement du Québec (CDPQ) and WestCap Group.
