Celsius Facing Bankruptcy: Report

The fate of roughly $8 billion worth of deposits remains unknown, with Celsius seemingly being on the cusp of a bankruptcy

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Fri, 24/06/2022 - 18:24

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Troubled cryptocurrency lender Celsius is facing a potential bankruptcy, according to a Friday report published by The Wall Street Journal.

This comes less than two weeks after the company suspended all withdrawals, causing extreme market panic. Roughly half a million users have had their deposits frozen.

The firm has now hired more bankruptcy consultants from global professional services firm Alvarez & Marsal, the report says.

Fri, 06/24/2022 - 15:40

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On June 15, Celsius CEO Alex Mashinsky tweeted that his team was working “non-stop” to resolve the issue.

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Securities officials from five separate states have already started investigating the embattled cryptocurrency lenders.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.