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.”
@CelsiusNetwork team is working non-stop. We’re focused on your concerns and thankful to have heard from so many. To see you come together is a clear sign our community is the strongest in the world. This is a difficult moment; your patience and support mean the world to us.
— Alex Mashinsky (@Mashinsky) June 15, 2022
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.
How it started How it’s going pic.twitter.com/dqLSYK56z7
— Degen Analyst (@SchillerSmith) June 13, 2022
So this was never true then? pic.twitter.com/qhfTimiEgK
— The Moon (@TheMoonCarl) June 13, 2022
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.