As per Fortune data, Goldman Sachs is financing $2 billion to purchase the property of struggling crypto creditor Celsius as it approaches bankruptcy. Although Celsius may not file bankruptcy, Goldman Sachs users will be allowed to purchase its holdings at reduced prices.
In the meantime, Celsius has reportedly appointed more restructuring attorneys from the consulting company Alvarez & Marsal.
As per individuals who are aware of the situation, Goldman Sachs is gaining interest and promises from Web3 crypto funds, troubled investment financing, and standard finance companies, as per what Fortune published today.
Furthermore, Goldman Sachs is already boosting its presence in the cryptocurrency sector. For example, Goldman Sachs is negotiating with the FTX cryptocurrency exchange about introducing leveraged derivatives transactions.
In addition, FTX is now committed to supporting other crypto enterprises, like BlockFi and Voyager Digital, which are facing liquidation.
Conversely, the Wall Street Journal announced on June 25 that digital currency financier Celsius had recruited consultancy firm Alvarez & Marsal in preparation for a future bankruptcy case.
In addition, Citigroup and Akin Gump Strauss Hauer & Feld, recruited by Celsius this week, have suggested that the company file for bankruptcy.
Following the halt of withdrawals, swaps, and exchanges among different accounts, Celsius must constantly cooperate with authorities and administrators. Regrettably, Celsius’ attempts to address the cash issues appear unsuccessful.
Celsius recently sold its stETH assets and removed its ETH holdings from Bancor’s liquidity pool. The industry’s rehabilitation strategy has likewise flopped.
Short-sellers of the Celsius’ native coin, CEL, covered their bets yesterday, June 24, by driving the prices higher with huge acquisitions and withdrawals from several exchange platforms.
Celsius is surrounded by several issues and is involved in disputes filed by traders when the company halted withdrawals. Ben Armstrong, the founder of BitBoyCrypto.com, has cautioned that a class-action complaint targeting Celsius is in the process.
Judging from everything, bankruptcy may be Celsius’s only choice.
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