Alex Mashinsky, the embattled company’s CEO, has finally spoken out on the topic three days after the crypto lender abruptly declared that all customer withdrawals, swaps, and transfers would be halted. Those expecting answers as to when users will be able to withdraw funds again will be disappointed by Mashinsky’s response. Mashinsky took to Twitter this afternoon, addressing publicly for the first time since his company’s withdrawals were halted on Sunday night, to reassure the Celsius community that the company’s team is working “round the clock” to resolve the issue and to ask for users’ patience. @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 Celsius Paused the Withdrawals Celsius paused withdrawals on Sunday to “stabilize liquidity” and “preserve and protect assets” after Lido’s Staked Ether (stETH), a cryptocurrency provided on the platform, began to exhibit abnormalities. The Ethereum 2.0 beacon chain (which will eventually combine with the Ethereum mainnet) symbolizes stETH, designed to be pegged to the value of ETH. As a result, stETH is frequently used as collateral on platforms such as Celsius to borrow ETH. However, as other crypto markets collap...
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