Celsius Facing Bankruptcy: Report

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Alex Dovbnya

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The fate of roughly $8 billion worth of deposits remains unknown, with Celsius seemingly being on the cusp of a bankruptcy

Troubled cryptocurrency lender Celsius is facing a potential bankruptcy, according to a Friday report published by The Wall Street Journal.

This comes less than two weeks after the company suspended all withdrawals, causing extreme market panic. Roughly half a million users have had their deposits frozen.        

The firm has now hired more bankruptcy consultants from global professional services firm Alvarez & Marsal, the report says.  

On June 15, Celsius CEO Alex Mashinsky tweeted that his team was working “non-stop” to resolve the issue.

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Securities officials from five separate states have already started investigating the embattled cryptocurrency lenders.

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