Report: Crypto-lending platform Celsius faces bankruptcy
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Answer Report: Crypto-lending platform Celsius faces bankruptcy
No one expected Bitcoin to fall below $20,000, and it looks like the winds are blowing.
And the ships here are not limited to individual investors and traders, but also exceeded the institutions operating in the crypto sector, which were also violently affected by the decline, which it seems that it was not expecting either.
Cryptocurrency lender Celsius is facing possible bankruptcy, according to to report The Wall Street Journal reported it on Friday.
This comes less than two weeks after the company suspended all withdrawals, causing severe panic in the market.
Deposits of nearly half a million users have been frozen.
The report says the company has now hired more bankruptcy advisors than global professional services firm Alvarez & Marsal.
Read:Cryptocurrency exchange FTX beats Binance to acquire Voyager digital assets
On June 15, Celsius CEO Alex Mashinsky tweeted that his team is working nonstop to solve the problem.
Securities officials from five separate states have already begun investigating the trapped cryptocurrency lenders.
Read:Bitcoin drops below $30,000, liquidating more than $500 million
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