CEL

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5 High-Profile Cryptocurrency Implosions Shatter Trust, Wipe out Billions in Value During 2022’s Crypto Winter

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2022 was a year of phenomenal cryptocurrency blowouts, as several projects collapsed and many more are on life support after the entire ecosystem was shattered. The fallout from these digital currency projects has not only removed billions of dollars in value from the crypto economy, but also eroded trust. The following is a look at … Read more

Report: Equitiesfirst Named as ​​Mystery Debtor to Celsius, $439 Million Owed to Crypto Lender

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Ever since Celsius paused withdrawals on June 12, the company has been the focus of attention due to the lender’s financial hardships. A month later, Celsius filed for bankruptcy in the U.S. by leveraging the Chapter 11 process. Two days after the bankruptcy filing, a report disclosed that two people familiar with the matter allege … Read more

Celsius Network’s Token CEL Drops 58% After Bankruptcy Filing, So-Called ‘Short Squeeze’ Falters

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During the last 30 days, the Celsius Network’s native token CEL increased in value by over 140% against the U.S. dollar. On July 13, just before the lending company filed for Chapter 11 bankruptcy, CEL was exchanging hands for $0.961 per unit. Following the news that the company filed for bankruptcy protection, the native crypto … Read more

Report: Goldman Sachs Looks to Buy Distressed Assets From Celsius, Crypto Lender Seeks Restructuring Advice

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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 … Read more

Report: Celsius Hires Citigroup to Help the Startup Find ‘Potential Financing’

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According to “two people familiar with the matter,” the cryptocurrency lending company Celsius is working with the financial giant Citigroup in order to get advice on how to handle the firm’s financial hardship. The sources note that Citigroup was hired by Celsius to help the company find “potential financing.” Sources Say Celsius Is Looking for … Read more

Report: Three Arrows Capital Liquidated for Millions, Sources Say Crypto Hedge Fund May Face Insolvency

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According to “well-placed sources,” speaking with The Block reporter Frank Chaparro, the digital currency hedge fund known as Three Arrows Capital (3AC) may be facing insolvency after significant liquidations. Sources say that the 3AC “liquidation totaled at least $400 million” and the hedge fund’s founder Su Zhu tweeted about “communicating with relevant parties” Tuesday evening … Read more

Report: Celsius Seeks Help From Restructuring Lawyers Over Financial Hardship

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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. … Read more