BIG CRYPTO LENDER-CELSIUS NETWORK FILES BANKRUPTCY!!! Another exit scam
CELSIUS FREEZES ASSETS!
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swaps, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations” the company said in a blogpost to clients on Monday.
The move has raised concerns about Celsius’ solvency. The firm has seen the value of its assets less than half since October 2021 when it handled $26 billion in client funds. As of now, It has only $11.8bn in assets.
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According to people familiar with the situation, Celsius Network LLC hired restructuring consultants from Alvarez & Marsal to advise on a possible bankruptcy filing. The New Jersey-based cryptocurrency lending company halted all transactions earlier this month due to extreme market conditions, as per the present crypto dip.
CELSIUS SUSPENDS WITHDRAWALS
According to a report published last night, Celsius has suspended withdrawals, swaps, and transfers between accounts on its platform. “Extreme market conditions” should be the reason. This does not appear to be a good sign, especially since the company added that steps have been taken to “stabilize liquidity and operations while preserving and protecting assets.” According to the company, this is a temporary situation, and operations will resume soon.
In the days preceding the suspension of withdrawals by Celsius, a number of sizable withdrawals from the Celsius platform to the FTX exchange occurred. A suspicious transfer of $ 320 million to the FTX stock exchange, also token transfers of USD 320 million were made using a variety of tokens.
CRYPTO WINTER CERTIFIED!
The price of bitcoin has decreased by more than 13% over the past six months, and it is currently trading at around $21,200. Meanwhile, take note that the price of Bitcoin has already dropped by 65% since its previous peak.
Market insiders believe that additional declines in the value of cryptocurrencies might have an impact on stock exchanges, businesses like MicroStrategy with significant investments in cryptocurrencies, other lending platforms that provide staking options, and other institutions with access to capital. The Celsius network would likely need to sell a significant amount of coins in order to preserve liquidity if the price of bitcoin continues to decline.
GOLDMAN SACH CONSIDERS BUYING THE DISTRESSED CELSIUS NETWORK
Goldman Sachs, one of the biggest financial institutions on earth, has started to think about buying assets from insolvent crypto lending startup Celsius Network. Data that is easily accessible indicates that Goldman Sachs is putting aside a $2 billion cash reserve for the transaction.
If the transaction proceeds, it will almost definitely be at a greatly reduced price, especially if the company files for bankruptcy. Given that it just acquired a new business to support it in the bankruptcy case, it would seem that this is a possibility.
Extreme volatility has recently plagued the market for digital assets as investors sell riskier investments out of concern that rapid interest rate increases to combat stubborn inflation could send the country’s economy into a downturn. READ MORE
WHAT TO DO IF YOU LOST YOUR CRYPTO TO CELSIUS NETWORK?
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SECURITY REGULATORS INVESTIGATE CELSIUS NETWORK EXIT
The company’s unexpected move was immediately discovered by state security regulators, who have now launched a preliminary investigation. Alabama, Texas, New Jersey, Washington, and Kentucky in the United States are looking into it and expressing concern for their customers and investors.
In response to his worry, Joseph Rotunda, director of enforcement at the Texas State Securities Boards, released a statement. He said, “I am very concerned that clients — including many retail investors — may need to immediately access their assets yet are unable to withdraw from their accounts. The inability to access their investment may result in significant financial consequences.” READ MORE
