Celsius Network hires advisors to prepare for potential bankruptcy

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© Reuters. FILE PHOTO: Celsius Network logo and representations of cryptocurrencies are seen in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – Celsius Network LLC has hired restructuring consultants from advisory firm Alvarez & Marsal to advise on a possible bankruptcy filing, the Wall Street Journal reported https://www.wsj.com/amp/articles/celsius-network-taps-more-advisers-to-prepare-for-potential-bankruptcy-11656088078?mod=Searchresults_pos1&page=1 on Friday, citing people familiar with the matter.

Celsius and Alvarez & Marsal did not immediately respond to Reuters requests for comment.

New Jersey-based Celsius – a major U.S. cryptocurrency lending company – froze withdrawals and transfers earlier this month, citing “extreme” market conditions.

The move was the latest sign of the financial market downturn hitting the cryptosphere and had sparked a selloff across cryptocurrencies.

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