Celsius Network Initiates Financial Restructuring to Stabilize Business and Maximize Value for All Stakeholders

Jul 14,2022
KingData News: Celsius Network announced that it initiated voluntary Chapter 11 proceedings to provide the Company with the opportunity to stabilize its business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders. Celsius has $167 million in cash on hand, which will provide ample liquidity to support certain operations during the restructuring process.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.
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