Tuesday, February 27, 2024

Celsius Acquires More Advisors to Help With Bankruptcy

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Celsius acquires more advisors to help with possible bankruptcy as it is looking for help so let’s read more today in our latest cryptocurrency news.

Lending company Celsius acquires more advisors to help the company as it heads down into bankruptcy and prepares for an upcoming filing by hiring more advisers as per the reports from the Wall Street Journal. 12 days ago, the company decided to freeze clients’ accounts and suspend all swaps, withdrawals, and transfers on the platform due to a liquidity crisis in the market. At the time, Celsius cited extreme market conditions for the suspension of withdrawals but then offered the customers nothing in terms of a way forward. The Wall Street Journal reported that the lender sought assistance from law company Akin Gump Strauss Hauer and Feld LLP For the financial restructuring.

Before freezing the accounts, Celsius CEO Alex Mashinsky dismissed the rumors of company insolvency as a FUD, a term often used in the crypto circles to imply deliberate misinformation. Mashinsky went quiet but resurfaced three days later to acknowledge the situation and say:

 “This is a difficult moment; your patience and support mean the world to us.”

As recently reported, Crypto lender Celsius warned that stabilizing the liquidity and the operations will take longer. The platform delivered an update on the situation and stated that its objective continues to be stabilizing the liquidity and the operations of the network. The New Jersey-based company added the process will take time and said they are maintaining an open dialogue with regulators and officials and are seeking to find a resolution.

Also, The company added that it is pausing its Twitter Spaces and the Reddit AMA session so it can focus on navigating these unprecedented challenges and seeks to fulfill its responsibilities to the community. Celsius abruptly canceled the scheduled Reddit AMA session with the CEO Alex Mashinsky appearing in a video on YouTube with a similar message. In a move that made shockwaves on the market, Celsius froze withdrawals and swaps last Sunday due to extreme market conditions.

alex mashinsky, celsius, CEL, insurance
Alex Mashinsky

A week after halting withdrawals, the team behind Celsius suspended some of the online engagement programs like the AMAs and at the same time, the project promised to work with regulators and find the right solution for the ongoing issues. The latest update reads that the team’s objective hasn’t changed in the past week and they are still trying to stabilize the liquidity and the operations. However, the post warned that the process will take time.

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