An end could soon be in sight for Celsius Network customers who have been unable to access their crypto for four weeks. 🔥
There hasn't been much in the way of an update from Celsius Network in recent days — with executives warning it will take time to complete a restructuring.
But the activity we're seeing in on-chain data does confirm that work has been taking place behind the scenes to get on a firmer financial footing. Withdrawals were halted in the middle of June, with Celsius Network blaming "extreme market conditions" for the outage. This led to panic in the crypto markets, and a number of other lenders having little choice but to follow suit.
We're yet to hear confirmation that the loan has been paid off from Celsius — and it's unclear what this will mean for customers frozen out of their funds.Another worry relates to the fact that there could be a rush for the exits if and when withdrawals resume, with Celsius hemorrhaging customers as they take their funds off the platform.
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