Concerns Among Celsius Users Over Withdrawals Rises As The Platform Pauses AMAs

• The Celsius network, in an announcement, revealed that it had paused question and answer sessions and Twitter Spaces. Earlier this month, the network halted its withdrawals. 

• Further, the network notes in the announcement that the objective behind its move remains the same, which is to “stabilize liquidity and operations.” 

• Since its inception in 2018, Celsius has held a live “ask-me-anything” (AMA) that would disclose the inflows, outflows, and new registrants of the platform.

As per an announcement, Celsius Network is again in the news as it paused Twitter Spaces and question and answer sessions. The reason it gives is the unprecedented challenges that it has encountered.

Earlier this month, the crypto lending platform announced that all withdrawals, swaps, and transfers between accounts would be halted because of “extreme market conditions.” The platform also said that they have taken the step to “stabilize liquidity and operations.”

Earlier, Celsius disclosed that it had lost funds as a result of the $120 million BadgerDAO, a decentralized finance platform, hacks. 

The Celsius Network has also kept $12 billion in crypto assets under management, giving fanning rumors about the solvency of the platform.

In the announcement, the network notes that its objective remains the same, which is to “stabilize liquidity and operations.” However, it said that the process would take time.

Since its launch in 2018, Celsius has held a live “ask-me-anything” (AMA) that would reveal the platform’s inflows, outflows, and new registrants.

Celsius has held a live “ask-me-anything” (AMA) that would disclose the inflows, outflows, and new registrants of the platform since its launch in 2018.

On Friday, CEO Alex Mashinsky was going to attend one such session, but it was canceled last minute. 

Celsius users did not get any form of update from the lender after the platform announced the freeze last week. Many customers have a significant amount of funds on the platform. 

Texas, along with four other states, is having an active investigation over the decision to stop withdrawals. The statement further stated that it had been a priority since the start of the company, adding that they have an open dialogue with regulators and officials.

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Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.