Celsius Hires Restructuring Attorneys After The Withdrawal Cease
Celsius, a crypto lending firm, froze their withdrawals on Sunday and now has hired restructuring attorneys from a law firm in order to get assistance about the current financial condition. Citing “extreme market conditions”, Celsius had taken the decision to pause withdrawals along with ceasing the option of transferring products. The lawyers are expected to […]
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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 reportedly onboarded attorneys to find different solutions to the current financial challenges that the company is facing. Crypto lending platform Celsius Network (CEL) has onboarded restructuring lawyers from Akin Gump Strauss Hauer & Feld to find potential solutions to the firm's financial woes. The firm is reportedly looking for other strategic alternatives, such as a financial restructuring, apart from its attempts to solve its current problems. The report also noted that Celsius is trying to find investors who would be able to provide financing options for the crypto lending....
After the crypto lending platform Celsius halted operations on June 12, at 10:10 p.m. (ET), two days later the Wall Street Journal (WSJ) quoted “people familiar with the matter” who said Celsius was hiring restructuring lawyers. At the time, the WSJ said Celsius was looking to hire the bankruptcy and restructuring law firm Akin Gump Strauss Hauer & Feld LLP. However, a new report from the WSJ claims sources say that Celsius is now working with the restructuring advisory firm Alvarez & Marsal. Sources Say Celsius May Be Collaborating With a Restructuring Advisory Firm The....
A news release published by the New Jersey government web portal indicates that the cryptocurrency lending platform Celsius has been sent a cease and desist order from the New Jersey Bureau of Securities. Furthermore, the Texas State Securities Board has ordered Celsius to appear at a hearing and is also threatening with a cease and desist. Regulators are not taking too kindly to platforms that offer high-yield interest rates on various cryptocurrencies. New Jersey Regulators Send Cease & Desist to Celsius Over ‘Earn Rewards Accounts’ U.S. regulators from the Securities and....
Six days ago, the securities regulators from New Jersey and Texas cracked down on the cryptocurrency lending platform Celsius. Additionally, the Alabama Securities Commission joined in and filed a cease and desist order against Celsius. Now the state of Kentucky is following suit and has filed a cease and desist order against the crypto lending platform. Kentucky Sends Cease and Desist Order to Celsius Four states in the U.S. have an issue with the cryptocurrency lending platform Celsius and the company’s interest-earning accounts. The same issues have affected the crypto lender....