Celsius Network Requires Additional Time to Resume Operations

　　Celsius Network, a cryptocurrency lender, announced Monday that it needed additional time to resume operations by stabilizing its liquidity and stopping activity on Twitter.

　　The announcement occurred one week after the company suspended withdrawals, swaps, and transfers, citing harsh market conditions that fueled rumors 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 companys determination to find a resolution” as a priority since its inception.

　　Furthermore, the network stated that it would focus on addressing difficulties by stopping its activity on Twitter and AMAs in order for the platform to fulfill its commitments to its community.

　　Nexo AG, based in Switzerland, has indicated its intent by offering a package to Celsius to acquire “certain remaining qualifying assets, primarily collateralized loan receivables secured by corresponding collateral assets, brand assets, and the business's customer database” due on June 20 at 4:30 a.m.

　　Crypto institutions are facing headwinds as a result of crypto winter and the stock market's recent dismal performance. Babel Finance, based in Hong Kong, is the latest loan platform to admit it is experiencing volatility.

　　Over the weekend, major tokens also performed erratically. Bitcoin, the most valuable cryptocurrency, has fallen below $20,000 for the first time since November 2020.

　　During Asia trade on Monday, Bitcoin was trading at approximately $20,521, up more than 10% against the dollar, bouncing beyond the $20,000 threshold, while Ethereum was trading at around $1,117, up more than 15%.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

　　iOS: t.ly/UUCj

　　Android: t.ly/cfYt