Crypto Firm Celsius Addresses Community As Top Investor Details Potential Recovery Plan
Crypto lending firm Celsius (CEL) is reaching out to users in hopes of touching base after the platform halted withdrawals last week.
In a new blog post, Celsius claims they are focusing on stabilizing their abruptly-tumultuous operations.
“It has been one week since we paused withdrawals, swap, and transfers. We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time.”
In light of state regulators across the US opening investigations into Celsius’ operations, the firm says they have always maintained transparency with regulators and will continue to do so.
After announcing the suspension of their social media profiles, for the time being, Celsius re-assures users that they are the exchange’s top priority.
“Acting in the interest of our community remains our priority and we will continue to work around the clock.”
Since Celsius announced the temporary stop of withdrawals on June 12, its native token CEL has crashed by over 99% from its all-time high.
Simon Dixon, the CEO and co-founder of BnkToTheFuture, CEL’s top investor, recently penned a letter to the Celsius community detailing a potential recovery plan.
“As a Celsius shareholder, lender and Bitcoin evangelist, and due to the short-term systemic impact on those that own Bitcoin, I am keen to support Celsius with a recovery plan. As one of the first investors in Bitcoin companies, I have worked with many of them in their times of need.
In 2016, Bitfinex needed a plan to recover from their hack and the company I co-founded, BnkToTheFuture.com, supported them and executed a recovery that involved security tokens, debt and equity and gave investors a very high return for the high risk they took.
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