Celsius, the cryptocurrency lending platform, halted withdrawals a few days ago due to liquidity issues. They have now hired a restructuring attorney to assist them in restructuring their business. Nexo, a competitor in crypto lending, has offered to buy Celsius' outstanding assets, but Celsius has not responded.
Restructuring attorneys are typically hired when you need to reach an agreement with your loan creditor in order to avoid becoming insolvent. If this is the case, it is a good indication that Celsius is on a good recovery path.
Celsius reportedly transferred $320,000,000 in cryptocurrency to FTX before announcing that all trading and withdrawals on the platform would cease on June 6th, 2022.
At 18:00 ET on June 12, unusual and mysterious crypto movements from Celsius' main DeFi wallet began moving liquidity. As WBTC was removed from its main AAVE staking and lending platform, the liquidity was transferred to FTX. Celsius had earned interest on its deposits, which were primarily held in its DeFi wallet.
Celsius fell 70% after announcing a pause in withdrawals for users. The token was down nearly 40% and could fall even further. In addition, the entire cryptocurrency market is in a bloodbath today, with Bitcoin falling below the $25,000 mark.
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