Fun

Report: Celsius Seeks Help From Restructuring Lawyers Over Financial Hardship

News Feed - 2022-06-15 02:06:42

Report: Celsius Seeks Help From Restructuring Lawyers Over Financial Hardship


Following the rumors and speculation surrounding the crypto lending firm Celsius, a Wall Street Journal report, quoting “people familiar with the matter,” explains that the company is reportedly hiring restructuring lawyers. Basically, hiring restructuring and insolvency attorneys is one of the first stages of fixing a company’s financial hardship by essentially attempting to avoid insolvency. Report Says Celsius Is Looking for Help From Investors or a Well Known Restructuring Law Firm


On June 13, 2022, Bitcoin.com News reported on the lending platform Celsius shutting down specific operations such as withdrawals, swaps, and account transfers. Those operations are still not available to Celsius customers, and a recent report published by the Wall Street Journal (WSJ) explains that Celsius may be seeking help from a restructuring law firm.


The report notes that the crypto company may be leveraging the bankruptcy and restructuring law firm Akin Gump Strauss Hauer & Feld LLP. The WSJ author Alexander Gladstone details that Celsius is attempting to get help from investors first. “Celsius is first looking for possible financing options from investors but is also exploring other strategic alternatives, including a financial restructuring, one of the people familiar with the matter said,” Gladstone wrote.


The rumored Celsius insolvency has arguably put a dark cloud over the entire crypto industry, as participants are still cleaning up the mess left behind by the Terra blockchain fiasco. Speculators believe there’s close to $2 billion worth of bitcoin (BTC) tied up with Celsius accounts and loans. Overall, the firm still claimed to manage roughly $11 billion even after the Terra LUNA and UST fallout.


Gladstone’s report said that he reached out to the law firm Akin Gump and the company “had no immediate comment,” and Celsius did not respond to Gladstone’s questions either. Furthermore, the company’s token celsius network (CEL) is ranked 130 out of 13,417 crypto assets, and it is down 12.5% this week against the U.S. dollar. Tags in this story Akin Gump, Alexander Gladstone, CEL, Celsius, Celsius customers, celsius network (CEL), Celsius restructuring, halt withdrawals, Insolvency, Investors, law firm, restructuring, restructuring Celsius, rumors, seeking help, speculators, Terra fiasco, Withdrawals


What do you think about the report that says Celsius may be looking into hiring a restructuring law firm or seeking help from investors? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Hackers Are Cloning Web3 Wallets Like Metamask and Coinbase Wallet to Steal Crypto NEWS | 1 hour ago Coinbase Reduces the Size of the Firm"s Workforce by 18% NEWS | 15 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Photo credit: Artemenko Valentyn Previous articleXOXO Is Flipping the Script and Announcing a Genesis Collection Auction Next articleHackers Are Cloning Web3 Wallets Like Metamask and Coinbase Wallet to Steal Crypto Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"


Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Biggest Bank in Venezuela Suffers 5 Day Outage After Hack Attempt
Biggest Bank in Venezuela Suffers 5 Day Outage After Hack Attempt The Bank of Venezuela, one of the biggest state banks in the country, is now experiencing an outage that has left
Kraken and Tottenham Hotspur score big in crypto partnership
Josh O"Sullivan11 hours agoKraken and Tottenham Hotspur score big in crypto partnershipKraken is now Tottenham Hotspur’s first official crypto and Web3 partner, with the goal of boosting fan engagement and increasing a
Crypto Asset Manager Bitwise Files to Publicly Trade Bitcoin Fund
Crypto Asset Manager Bitwise Files to Publicly Trade Bitcoin Fund On February 2, the crypto asset manager, Bitwise Asset Management, announced it had filed a For
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report Ahead of the latest nonfarm payrolls report, bitcoin rose to a multi-week high above $22,000 on F
Ethereum’s Shanghai Hard Fork Could Happen in March 2023, ETH Dev Says Staking Withdrawals Is the ‘Highest Priority’
Ethereum"s Shanghai Hard Fork Could Happen in March 2023, ETH Dev Says Staking Withdrawals Is the "Highest Priority" According to a recent Ethereum Core development meeting on Dec.
Marcel Pechman4 hours agoChinese gov’t fires up the printer — How will it impact Bitcoin price?China enacted a number of economic stimulus initiatives to bolster its stock market, but will there be a down-the-pipelin
William Suberg13 hours agoBitcoin halving to raise ‘efficient’ BTC mining costs to $30KBitcoin miners may see “severe” economic consequences from BTC price action staying below $30,000 after the 2024 halving, Gla
LUNA 2.0 Token Loses 56% Since Last Week, Whistleblower Accuses Terraform Labs of Owning Shadow Wallets
LUNA 2.0 Token Loses 56% Since Last Week, Whistleblower Accuses Terraform Labs of Owning Shadow Wallets After climbing to $11.33 per unit seven days ago on May 30, Terra’s n
Jesse Coghlan5 hours agoBase’s largest DEX, LeetSwap, halts trading amid exploit concernsSome analysts have provided possible ways the exchange was exploited and pinned potential initial losses at over $600,000.2392 To
Ana Paula Pereira2 hours agoRobinhood turns profitable in Q2, but crypto revenue declinesRobinhood achieved profitability for the first time since becoming a public company in the second quarter of 2023. Its crypto reven
FTX Warns Community of Phony ‘Debt Tokens’ and Scams Claiming to Be Affiliated With the Bankrupt Exchange
FTX Warns Community of Phony "Debt Tokens" and Scams Claiming to Be Affiliated With the Bankrupt Exchange On Friday, debtors who control the official FTX Twitter account warned the
Crypto Asset Manager Wisdomtree Reveals ‘Direct-to-Retail’ Digital Wallet
Crypto Asset Manager Wisdomtree Reveals "Direct-to-Retail" Digital Wallet The crypto asset and exchange-traded fund (ETF) manager Wisdomtree has revealed the company is launching a