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Bring in More Advisors – Celsius Grapples with Bankruptcy

According to sources, Celsius is heading towards bankruptcy and looking for help....
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According to sources, Celsius is heading towards bankruptcy and looking for help. According to unnamed sources, Celsius, a cryptocurrency lending company, may be near bankruptcy.

They are hiring additional advisers in preparation for an upcoming filing, according today’s Wall Street Journal report.

Alvarez & Marsal has been hired by Celsius to assist the crypto lender in restructuring, according to the Journal.

The company froze all accounts of its clients 12 days ago. This was in response to an apparent liquidity crisis caused by the collapse of the crypto market. Celsius claimed that the withdrawals were being suspended due to “extreme market conditions”, but it has not offered any solutions. Last week, the Wall Street Journal reported that the crypto lender sought legal assistance from Akin Gump Strauss Hauer & Feld LLP to complete its financial restructuring.

Celsius CEO Alex Mashinsky had only one day before dismissing rumors about the company’s insolvency. He used “FUD” to refer to “fear, uncertainty and doubt”. This term is often used in crypto circles to denote deliberate misinformation.

Mashinsky then went radio silent, but he resurfaced on Twitter three days later to finally acknowledge the situation. He said: “This is an difficult moment; your patience & support mean the world”

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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