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Following the recent crypto winter, one of the beleaguered crypto firms was Celsius. The problems with the crypto lender does not seem to take a breath for a while. Now the crypto firm is reported to look for new ways to satisfy their investors’ needs with their restructuring plans following the bankruptcy filing.
On Thursday, 15th September, 2022, Celsius went on to file a motion seeking to sell some portion of its stablecoin holdings. This effort of the crypto lender came in the wake of efforts to raise funds for allocate to their expenses of ongoing operations.
However the stablecoin funds that Celsius intends to sell seem to belong to retail investors. If this would be the case then selling them would provoke the already frustrated crypto community.
Meanwhile, trust over Celsius (CEL) also decreased following the performance of crypto assets in the past. While looking at some rallies witnessed by CEL token price, the reason for the token price to take a huge dip would be clearly visible.
Behind some parabolic near-term moves of CEL token was the multiple instances of narrow down of optimistic sentiments around the crypto market. Combining all the factors together, the overall story of Celsius neither looks good nor promising enough to stay for long.
Apparently the crypto lending firm is trying its level best to figure out something that could help to continue its operation, pay its legal fees and restructure. This whole situation was made up following the giving up of many investors behind the firm.
Although there were many instances when the decline of Celsius was exaggerated out of fear regarding the market downturn. Still there are many instances citing the crypto lender has not much time left until its demise. Additionally there is no clarity until now regarding the approval of restructuring plan if it would be moving forward in front of debtors and the courts.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
