Crypto lender Celsius Network said Monday that it needs more time to resume its operation by stabilizing its liquidity and further pausing activities on Twitter.
The company's announcement came one week after the suspension of withdrawals, swaps and transfers, citing extreme market conditions, which resulted in rumours of insolvency.
Celsius Network shared its updates on its blog, saying the company would continue “working with regulators and officials regarding this pause and our company’s determination to find a resolution” as a priority since its inception.
In addition, the network said it would focus on tackling challenges by further pausing its activities on Twitter and AMAs so that the platform can fulfil its responsibilities to its community.
Switzerland-based Nexo AG has shown its intention by offering a package to Celsius to acquire “certain remaining qualifying assets, mainly collateralized loan receivables secured by corresponding collateral assets, brand assets and...
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