Celsius Facing Bankruptcy: Report

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Alex Dovb­nya

The fate of rough­ly $8 bil­lion worth of deposits remains unknown, with Cel­sius seem­ing­ly being on the cusp of a bankruptcy 

Trou­bled cryp­tocur­ren­cy lender Cel­sius is fac­ing a poten­tial bank­rupt­cy, accord­ing to a Fri­day report pub­lished by The Wall Street Journal.

This comes less than two weeks after the com­pa­ny sus­pend­ed all with­drawals, caus­ing extreme mar­ket pan­ic. Rough­ly half a mil­lion users have had their deposits frozen. 

The firm has now hired more bank­rupt­cy con­sul­tants from glob­al pro­fes­sion­al ser­vices firm Alvarez & Marsal, the report says. 

On June 15, Cel­sius CEO Alex Mashin­sky tweet­ed that his team was work­ing “non-stop” to resolve the issue.

Secu­ri­ties offi­cials from five sep­a­rate states have already start­ed inves­ti­gat­ing the embat­tled cryp­tocur­ren­cy lenders.

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