Celsius Network faces further challenges after halting customer withdrawals

By Ciaran Lyons
July 4, 2022 0

Celsius has had a disastrous month since announcing that it would be pausing all withdrawals and activities on its plattform.

Read more about what Celsius is doing – and why – here.

Over the weekend, Celsius provided an update on its website saying that it is “focused and working as quickly as we can to stabilise liquidity and operations, in order to be positioned to share more information with the community”.

Celsius has received a lot of negative media press since it paused activity on the platform, with media outlets sparking news that the company is allegedly facing potential bankruptcy. Celsius is determined to work through these “challenging times” and have said that “we continue to take important steps to preserve and protect assets and explore options available to us”.

However, according to CryptoPotato, after Celsius Network released this statement on its Website the company subsequently fired about a quarter of their employees.

Goldman Sachs is rumoured to be trying to raise $2 billion to buy Celsius’ crypto assets at a discount.

Although it might present a great buying opportunity for a major investment bank, it is a frightening time for Celsius investors. Alla Drisksne, a US citizen, told The Wall Street Journal she has six figures’ worth of Bitcoin and Ethereum, her life savings, tied up in a Celsius account.

Celsius network has acknowledged the difficult position it is in saying it is “complex and takes time”, but also emphasised that it wants the “community to know that our teams are working with experts from many different disciplines”.


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