Summary:
- The crypto yield service halted withdrawals over a week ago citing turbulent market conditions.
- All client transactions were affected and the matter remains unresolved.
- Celsius said they’re in touch with regulators and relevant officials to find a solution.
- AMA events and Twitter spaces are paused until further notice.
- BnkToTheFuture offered assistance to help facilitate recovery.
Celsius Network has decided to pause AMA talks and Twitter spaces indefinitely amid halted operations on its platform. The news was disclosed via the protocol’s official medium blog.
AMA stands for “ask me anything”. They serve as a town hall event where community members and the general public can ask questions about what a project plans to do and how they plan to do it or developments that have already happened. AMA’s are popular in the crypto space.
The decision to pause AMA’s and Twitter spaces come as users remain in limbo. Withdrawals and transactions on the platform were halted over a week ago on June 12 after the protocol cited tumultuous market conditions.
Since then, all swaps, transfers between user accounts, and withdrawals have been suspended.
Celsius Engages Regulators And Officials For Solution
The Celsius blog post emphasized all efforts are directed toward resolving the ongoing issue and prioritizing the community. Celsius said that the process geared towards stabilizing liquidity and operations will take time.
Conversations with relevant regulators and officials are also underway in a bid to fast-track progress, per the article.
As has been a priority since our company’s inception, we maintain an open dialogue with regulators and officials. We plan to continue working with regulators and officials regarding this pause and our company’s determination to find a resolution.
BnkToTheFuture has offered to assist the company with financial innovation according to CEO Simon Dixon in a recent blog post. BnkToTheFuture is a digital investment hub that links the fintech industry with potential investors. The platform is a top investor in Celsius as well.
Speaking on a recovery plan for the protocol, Dixon opined that traditional finance will not help Celsius in a timely fashion. Dixon proposed that a similar method deployed to save Bitfinex is better suited.
I believe that this can only be solved with a solution using financial innovation like we did with Bitfinex that was resolved within 9 months and worked out very well for depositors.