(Reuters) – Retail crypto lending platform Celsius Network said on Thursday it was exploring options including deals and restructuring its liabilities.
Celsius earlier this month froze withdrawals and transfers citing “extreme” market conditions, leaving its 1.7 million customers unable to redeem their assets. (https://bit.ly/3bHo3Cf)
The company hired restructuring consultants from advisory firm Alvarez & Marsal to advise on a possible bankruptcy filing, the Wall Street Journal reported last week, citing people familiar with the matter.
The market for digital assets has in recent months been roiled by extreme volatility as investors dump risky assets on fears that aggressive interest rate hikes to tame stubborn inflation could plunge the economy into recession.
(Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta)
