Alex Mashinsky, founder and CEO of popular lending platform DeFi, Celsius, made its first appearance on Twitter since the platform suspended all withdrawals and other services on June 12.
In a post on Twitter, Mashinsky noted that Celsius is focused on user concerns and is working around the clock to resolve issues. He also asked for the patience and support of his customers as the company goes through a difficult period.
Celsius in difficulty
As we pointed out in a previous article, Celsius blocked all withdrawals, exchanges and transfers between accounts last Sunday due to “extreme market conditions”.
The company noted that the interest of its customers is its top priority and the decision to suspend its services was taken to assist in its efforts to meet its obligations as it relates to withdrawals from its customers.
The following day, reports emerged that Celsius transferred assets worth approximately $320 million to the cryptocurrency exchange, FTX, hours before the company suspended withdrawals.
While Celsius has yet to comment on these transfers, it noted that its goal is to stabilize, liquidate and restore services that had been suspended as soon as possible. However, the suspension is seemingly indefinite, as users have still been locked out of their money for several days.
Celsius has hired restructuring lawyers
Celsius has hired restructuring lawyers from Akin Gump Strauss Hauer & Feld LLP to manage its various matters while it seeks financial assistance from its investors.
Meanwhile Nexo, a competing cryptocurrency lending platform, has already offered to buy all of Celsius’ required assets, which has until June 20 to respond to the offer.