Celsius Brings in More Advisers Amid Potential Bankruptcy

News

More restructuring consultants are getting onboarded, indicating that the famous crypto platform Celsius might be heading towards its last breath. On June 24, New Jersey-based crypto lending organization Celsius Network enlisted more advisers, which potentially indicates that the company could be on the brink of bankruptcy.
According to the official announcement, Celsius will leverage the recently hired restructuring consultants from Alvarez & Marsal to receive some help on a possible bankruptcy filing.
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The news actually comes after a few weeks when the crypto-based firm requested assistance from restructuring lawyers to get professional advice on its financial problems.
In fact, Celsius Network has been in the spotlight for quite some time now after it decided to take away the possibility for its users to perform withdrawals and exchanges between accounts. Since then, users of the platform got the silent treatment as no information regarding the situation was provided.
However, yesterday, the company issued a note to its community and stated that one of its objectives is to fully stabilize operations and liquidity, which will reportedly take some time. Celsius additionally mentioned that it’s determined on finding a resolution to its pause of withdrawals and transfers, while closely interacting with various regulators, as well as agencies.
“As has been a priority since our company’s inception, we maintain an open dialogue with regulators and officials.”
On top of that, the blog post also read that Alex Mashinsky, CEO of Celsius Network, gave the green light to pause its Twitter Spaces and AMAs, in a move to put more emphasis on “navigating these unprecedented challenges.” As of now, if the company will eventually go bankrupt, users of the platform have no reassurance that they will be able to get back all their funds. by Gyth L. – Crypto Analyst, BitDegree

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