Celsius Network hires advisors to prepare for potential bankruptcy, says WSJ report

Celsius Network hires counselors to prepare for possible collapse, reports WSJ

Celsius’ decisions after freezing transfers and withdrawals could affect the crypto industry as a whole

Celsius Network LLC has hired advisors from consultant firm Alvarez & Marsal to advise on non-payment, the Wall Street Journal reported on Friday, citing people familiar with the matter.

New Jersey-based cryptocurrency lending company suspended withdrawals and transfers earlier this month due to “extreme” market conditions, a recent sign of declining financial markets affecting the cryptosphere.

A separate report from CoinDesk said on Friday that Wall Street bank Goldman Sachs was looking to raise $ 2 billion for investors to buy depressed goods at Celsius.

The proposed deal will allow investors to buy goods at potential discounts if cryptocurrency lender files collapse, according to a report, citing two people familiar with the matter.

Celsius has owned $ 11.8 billion since last month. The company and Alvarez & Marsal did not immediately respond to Reuters requests for comment.

The digital commodity market in recent months has been plagued by extreme volatility as investors discarded risky assets for fear that a sharp rise in interest rates to curb a sharp inflation could put the economy in shambles.


I am Sanjit Gupta. I have completed my BMS then MMS both in marketing. I even did a diploma in computer software and Digital Marketing.

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