Celsius Network takes affirmative action to stave off bankruptcy #TOGRP7
The troubled lending and borrowing platform announced a pause on withdrawals on June 13, citing “extreme market conditions.” In the weeks before the announcement, rumors were circulating that the company was insolvent, a claim denied by CEO Alex Mashinsky at the time.
Similarly, the beleaguered crypto investment platform Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy on July 1. Many wonder if it’s a matter of time before Celsius does the same. On June 30, Celsius broke the silence by posting a blog update saying it was working to “stabilize liquidity and operations.” It continued by referring to taking necessary steps to “preserve and protect assets” and exploring options such as “pursuing strategic transactions” and restructuring.
