Alex Mashinsky, founder and CEO of the popular DeFi loan platform Celsius today has finally made the statement via his Twitter account for the first time since the platform suspended all production and other services on June 12th.
In a Twitter post, Mashinsky noted that Celsius takes a toll on consumer concerns. On that basis, they are working as hard as possible to resolve the issue. He also appealed to market players to be patient with what happened and hoped to continue to support them.
Celsius blocked all withdrawals, exchanges and transfers between accounts last Sunday due to “worrying market conditions.” The company said the interests of its customers were its top priority, and the decision to suspend the service was to help the firm meet its production obligations.
The next day, follow-up reports emerged that Celsius transferred assets worth about $ 320 million to the FTX crypto exchange hours before the company suspended production. This has created uncertainty and dissatisfaction in the market.
While Celsius has yet to comment on the transfer, the company stated that its objective is to stabilize, liquidate, and restore discontinued services as soon as possible. Still, the suspension seems to have no end as consumers are still locked out from making withdrawals even after more than four days.
Celsius is taking remedial measures to resolve the issues it is facing. Yesterday, the company hired a restructuring lawyer from Akin Gump Strauss Hauer & Feld LLP to address all issues that arose as a result of the issue. The crypto lender is also seeking financial assistance from its investors.
Meanwhile, rival company Nexo, has offered to buy all eligible Celsius assets. Celsius was given until June 20 to respond to the offer.
