Cryptocurrency

Celsius CEO Addresses ‘Difficult’ Freezing of User Crypto Assets

The update comes three days after the platform abruptly announced the asset hold.

Cryptocurrency

Celsius CEO Addresses ‘Difficult’ Freezing of User Crypto Assets

The update comes three days after the platform abruptly announced the asset hold.

Last week on June 12, cryptocurrency platform Celsius abruptly announced that it would be “pausing all withdrawals, swaps, and transfers between accounts.” Three days later on June 15, its CEO Alex Mashinsky broke his silence on the subject and thanked users for their patience in the “difficult moment.”

The pause sent a wave of confusion and emotion through the crypto community on Twitter, with users commenting either in support or in shock of the situation. Some called the actions by Celsius hypocritical as the company is known for promoting “banks are not your friend,” and the practice of “unbanking” — with users feeling they have been treated no different than they would be by traditional systems.

During the asset freeze, rival platform Nexo made a public statement with an attached Letter of Intent to purchase some or all of Celsius in order to unfreeze the assets. As of now, Celsius has not made any comments on the offer and stated that its team is working non-stop to find a solution.

Elsewhere in NFTs, Ukrainians are using NFTs to save their cultural landmarks from Russian destruction.

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