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Celsius Network hires advisers ahead of potential bankruptcy

Crypto lending platform Celsius Network has reportedly onboarded advisers from a management consulting firm in advance of the company possibly facing bankruptcy.

According to a Friday report from the Wall Street Journal . As the celsius platform is on the verge of bankruptcy, it has begun to hire restructuring experts. The report followed one from June 14, which said Celsius Network had hired lawyers in an attempt to restructure the company amid its financial issues.

Celsius Network has been at the forefront of discussions in the media around significant volatility in the market amid the crypto lending platform’s decision to pause “all withdrawals, swaps and transfers between accounts” on June 12. 

Government officials turned their attention to this side as celsius stopped withdrawals and deposits

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On June 20, Celsius Network investor and BnkToTheFuture co-founder Simon Dixon proposed a recovery plan aimed at having the crypto lending platform take a similar approach as Bitfinex in 2016, using a “financial innovation” solution. As of November 2021, Celsius had a $3.5 valuation following a $750-million Series B funding round, which may have fallen given the recent market downturn.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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