The future of deposits worth about $8 billion remains unknown, Celsius appears to be on the verge of bankruptcy
Crisis cryptocurrency lender Celsius is facing potential bankruptcy, according to a Friday report published by The Wall Street Journal.
This comes less than two weeks after the company stopped all withdrawals, causing panic in the market. Deposits of about five lakh users have been frozen.
The firm has hired more bankruptcy advisors than global professional services firm Alvarez & Marsal.
On June 15, Celsius CEO Alex Mashinsky tweeted that his team was working “non-stop” to resolve the issue.
Securities officials in five different states have already started investigating cryptocurrency lenders.