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