Lending platform Celsius suspends some of its activities on social networks…When will withdrawals resume?
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Lending platform Celsius suspends some of its activities on social networks…When will withdrawals resume?
Cryptocurrency lending platform Celsius Monday told social media that it will pause Twitter and Reddit spaces to focus on more important matters such as debt restructuring, as withdrawals remain pending.
Celsius told her in a post that she is in an open dialogue with regulators and officials about when withdrawals can resume for users, and also said that the process may take time.
Celsius’ comments indicate that it has been a week since it suspended withdrawals, swaps and transfers, due to a severe liquidity crunch.
The focus now turns to how the lender might be able to overcome its liquidity issues and potentially return clients’ money.Read:Ripple partner MoneyGram does not hold any XRP tokens.
Withdrawals in Celsius on hold indefinitely?
Based on Celsius’ recent announcement, it appears that withdrawals from the platform are likely to remain on hold indefinitely.
Reports indicate that the company has hired lawyers to restructure, and it is possible that it has appointed “Citigroup” as a financial advisor for the restructuring.
Restructuring is usually the first step a company takes to find a way to pay off its debts without becoming insolvent.
It’s not clear where Celsius’ clients stand in the process, given that the company has taken out several highly leveraged loans.
While these loans were manageable when market conditions were favourable, the recent crash in cryptocurrency prices has caused the liquidation of many Celsius positions.
The drop in the price of Lido Staked Ethereum (stETH) was the latest and most severe blow to Celsius after the crash of Terra also affected it.Read:Goldman Sachs applies to SEC for approval of a DeFi ETF
The President of El Salvador comments on the recent decline in the price of Bitcoin and the future destination of the currency
Nine years in prison for a man who sells drugs in cryptocurrency
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time