Celsius Network hires advisers to prepare for potential bankruptcy: WSJ


Celsius Network hires advisers to prepare for potential bankruptcy: WSJ

According to persons familiar with the situation, the Wall Street Journal reported on Friday (Jun 24) that CELSIUS Network has recruited restructuring specialists from the advising firm Alvarez & Marsal to provide advice on a potential bankruptcy filing.

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As the latest indication of the financial market collapse affecting the crypto sphere, the New Jersey-based bitcoin lending firm earlier this month temporarily halted withdrawals and transfers owing to "extreme" market circumstances.

According to a different CoinDesk source, Wall Street firm Goldman Sachs was seeking to raise $2 billion from investors on Friday in order to purchase troubled assets from Celsius.

According to the story, which cited 2 people familiar with the situation, the planned arrangement would let investors acquire the assets at potentially significant discounts if the bitcoin lender declares bankruptcy.

As of a month ago, Celsius networkhad assets worth $11.8 billion. Requests for comment from Reuters were not immediately answered by the corporation or Alvarez & Marsal.

The market for digital assets has experienced tremendous volatility in recent months as investors flee riskier investments out of concern that draconian interest rate increases to combat persistent inflation may cause the country to enter a recession. REUTERS.

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