Celsius Network employs advisors in anticipation of a possible bankruptcy

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Celsius Network employs advisors in anticipation of a possible bankruptcy

Celsius Network employs advisors in anticipation of a possible bankruptcy
1656143557 25 Jun / 07:52

The cryptocurrency loan platform Celsius Network has hired consultants from a management consulting firm in anticipation of a possible bankruptcy filing.

On Friday, the Wall Street Journal reported that Celsius recruited an unspecified number of restructuring advisors from the company Alvarez & Marsal to advise the platform on filing for bankruptcy. Following a report from June 14 that Celsius had employed attorneys to reorganize the firm in response to its financial difficulties, this news stated that Celsius had retained further legal counsel.

Due to the crypto lending platform's decision to halt "all withdrawals, swaps, and transfers between accounts" on June 12, Celsius has been at the center of media coverage regarding considerable market volatility. Since that declaration, CEO Alex Mashinsky and other Celsius executives have been relatively silent on social media, with the platform announcing on June 19 that it will cease talks on "Twitter Spaces and AMAs" to focus on fixing operational concerns.

Following Celsius’s decision to halt withdrawals, the state authorities have focused on Celsius. The director of the Texas State Securities Board enforcement office, Joseph Rotunda, informed Cointelegraph on June 16 that regulators in Alabama, Kentucky, New Jersey, Texas, and Washington were “examining the situation concerning the blocked accounts” at Celsius.

Simon Dixon, an investor in Celsius and co-founder of BnkToTheFuture, offered a recovery plan on June 20 that would have the crypto lending platform use the same strategy as Bitfinex in 2016, utilizing a “financial innovation” solution. Following a $700 million Series B fundraising round, Celsius was valued at $3.5 billion as of November 2021, a figure that may have decreased due to the recent market slump.

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