.CelsiusNetwork has reassured clients it is exploring options to “preserve and protect assets” after facing difficulties that caused it to pause withdrawals from its lending platform in early June. LizKNapolitano reports
“Across Celsius today, we are focused and working as quickly as we can to stabilize liquidity and operations, in order to be positioned to share more information with the community,” the post reads.
The firm has hired restructuring consultants from Alvarez & Marsal, an advisory firm, to explore the possibility of bankruptcy filings, according to sources with knowledge of the matter whoThe lender’s financial issues come amid a wider crypto market crash. In May, stablecoin terraUSD and its sister coin LUNA imploded spectacularly in a, destabilizing the cryptocurrency market and spurring $300 billion in losses across the cryptocurrency economy.
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