The Celsius Network halts AMAs and Twitter spaces as it tries to find a solution for the platform so let’s read more today in our latest cryptocurrency news.
A week after halting withdrawals, the team behind Celsius suspended some of the online engagement programs like the AMAs and at the same time, the project promised to work with regulators and find the right solution for the ongoing issues. The latest update reads that the team’s objective hasn’t changed in the past week and they are still trying to stabilize the liquidity and the operations. However, the post warned that the process will take time.
Celsius is working with regulators and officials about the determination to find a solution so, in order to focus on the necessary work, the team said Celsius Network halts AMAs and Twitter spaces. A post by CEO Alex Mashinsky reaffirmed that the team is working around the clock to find a solution for customers that are unable to withdraw their funds. The Celsius statement came a few days after BNKToThefuture CEO Simon Dixon offered a solution, similar to what was used in the Bitfinex hack of 2016. Dixon added:
“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.”
This could also be among the few options that Celsius has with reports claiming that the existing investors have no plans to bail out the platform. The crypto lender halted services back on Monday including withdrawals but then it transferred over $300 million worth of crypto to FTX without an explanation.
As recently reported, Simon Dixon proposed a Celsius recovery plan similar to the solution Bitifnex used in its Bitcoin hack in 2016. the lead investor of the platform and the co-founder Simon Dixon offered to assist the network by deploying similar financial innovation that was used in 2016 to save Bitfinex from liquidation. Although the statement from Dixon didn’t include specific details of the recovery plan, Dixon noted it will be similar to the one offered by Bitfinex after the hack of 2016 which he claims was resolved in a few months.
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