Dow, S&P 500 rise after a week of volatility

Alex Mashinsky, CEO of Celsius Network LLC’s weekly “AMA” – or “Ask Mashinsky anything” —the video was removed from YouTube just minutes before noon on Friday.

It shattered the confidence of customers who were eagerly waiting to hear from the cryptocurrency lender, who told customers on Sunday night that all withdrawals, transfers and transactions between accounts would be suspended due to “extreme market conditions”.

“While we face some tough challenges, we are now suspending AMAs so Celsius can focus on this very important work for the community,” said the 56-year-old. Mashinsky, said in a pre-registration. Video.

Celsius says it has $ 11.7 billion in assets out of 1.7 million customers. On Thursday, the company said it was “working around the clock” to resolve the issue, but did not provide details on when it would be withdrawn.

The Wall Street Journal Reported Celsius hired restructuring lawyers to help it deal with its growing financial problems.

Before the AMA was abolished, more than 2,000 users discussed Celsius in a chat box on YouTube. Mr. Some were disappointed by Mashingxi’s silence.

“I hope your AMA was tough, but you should have done it. Shame on you and Celsius for running away from the community. So much for openness and transparency. You lost my support, I hope you did not lose my crypto,” said someone with the username “dasgigler”.

Other crypto companies Are also under pressure. Hong Kong-based crypto credit and trading firm Babel Finance on Friday said it would suspend recovery and withdrawals from all products, citing “unusual cash flow pressures.”

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“We are in close contact with all parties involved and will share updates in a timely manner. Cables does not affect Babel Finance,” a company spokesman said.

On Friday, the cryptocurrency hedge fund Three Arrows Capital said Appointed legal and financial advisers Explore options including sale of property and recovery of another company. Hedge funds have suffered huge losses due to crypto sales.

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