Celsius Network Hires Advisors To Prepare For Potential Bank...| MENAFN.COM

Friday, 19 August 2022 11:46 GMT

Celsius Network Hires Advisors To Prepare For Potential Bankruptcy


(MENAFN- Khaleej Times) The cryptocurrency lending company froze withdrawals and transfers earlier this month Image: Reuters By Agencies

Published: Fri 24 Jun 2022, 11:58 PM

Celsius Network LLC has hired restructuring consultants from advisory firm Alvarez & Marsal to advise on a possible bankruptcy filing, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The move was the latest sign of the financial market downturn hitting the cryptosphere and had sparked a selloff across cryptocurrencies.

Celsius and Alvarez & Marsal did not immediately respond to Reuters requests for comment.

New Jersey-based Celsius - a major US cryptocurrency lending company - froze withdrawals and transfers earlier this month, citing 'extreme' market conditions.

Celsius CEO Alex Mahinsky had earlier tried to eradicate rumours of bankruptcy, taking to Twitter to ease customers' minds.

After a few days of silence, in his next tweet on June 15, he admitted that Celsius was in trouble, saying that it was a 'difficult moment'

ALSO READ:

  • US crypto firm hit by $100 million heist
  • Bitcoin drops below $20,000 as crypto selloff quickens

MENAFN24062022000049011007ID1104429639


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.