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What are the updates coming related to crypto lending firm Celsius?

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The past several days have not gone well for the crypto lending protocol where it even had to halt withdrawals for users

The situations and circumstances which Celsius is going through do not seem to get normal, as people still have skepticism. There are still doubts around the crypto space since the crypto lending platform stopped its withdrawal operations and such similar actions make people believe that the company is bankrupt. 

The series of rumors and speculations regarding the crypto lending protocol started on the next day of its seizing operations when another crypto lending platform Nexo had offered to buy several assets of Celsius. The suspicion of people about the financial hardships of the company got more firm when Celsius tweeted on 12th June where it announced that it is halting its operations related to withdrawals, transfers, and swaps between accounts given the extreme market conditions. 

Celsius had even taken steps towards damage control where on 14th June it was reported that Celsius had been looking for restructuring advice for which it was seeking to hire Akin Gump Strauss Hauer and Feld LLP. No further details about the deal came over where later it was also reported that Celsius could also collaborate with Alvarez and Marsal, another restructuring advisory firm.  

Moreover, there were several other reports that outlined that multinational investment and financial services company Goldman Sachs is seeking to raise funds worth $2 billion in order to buy Celsius’ distressed assets. Reports sourced the information from a couple of people familiar with the issue where it further explained that these sources confirmed that Goldman Sachs proposed a deal that would allow investors to buy the distressed assets belonging to Celsius at significant discounts amidst the circumstances where the crypto lending firm seems to file bankruptcy. 

Some other reports quoted the United States Securities and Exchange Commission along with several other state regulators investigating Celsius due to its action of freezing accounts. The restructuring advisor firm Akin Gump and Citigroup have been reported to suggest Celsius file for bankruptcy. 

ALSO READ: Hacker Recovers This Much Amount After A Person Locks Phone With $6 million In Crypto

Steve Anderrson

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