Celsius Network Cites More Distress, No Support From Its Largest Investors

Celsius Network LLC, the struggling crypto lending service, is likely to tackle its financial fights alone, according to numerous sources obtained by WSJ. This is because the firm is unlikely to get funds from two of its largest investors. Caisse de dépôt et placement du Québec (CDPQ), a Quebec-based pension scheme, and American investment firm …

Timeline of Celsius

Crypto lender Celsius' recent suspension of withdrawals has rattled sentiment towards its peers, with majors such as Nexo and BlockFi now facing potential bank runs. The situation has also been exacerbated by the possible insolvency of major hedge fund Three Arrows Capital, to which several lending platforms are heavily exposed.

The move by Celsius Network (CEL) to block consumer withdrawals is being looked at by several US jurisdictions, including the states of Texas, New Jersey, and Alabama. The post Texas, New Jersey, Alabama and other US states have launched an investigation into Celsius Network appeared first on CryptoSlate.

Celsius Network LLC, embattled crypto lending firm, is likely to fight its financial battles alone as multiple reports reaching WSJ suggest the loan company would probably not get any funding from two of its biggest investors. CDPQ and Westcap Group led a $400 million Series B for Celsius Quebec-based Pension Fund giant Caisse de dépôt The post More Troubles For Struggling Celsius ($CEL), Major Investors Might Not Assist A Comeback appeared first on CoinGape.

Securities regulators in a number of U.S. states are looking into crypto lender Celsius Network's decision to pause customer redemptions, Reuters reported Thursday (June 16). According to Joseph Rotunda, enforcement director at the Texas State Securities Board, state regulators from Alabama, Kentucky, New Jersey, Texas and Washington are looking into this.

Crypto lending and interest-bearing account service Celsius Network (CRYPTO: CEL) halted withdrawals as blockchain analysis suggested the company's investment choices caused a liquidity crisis. Now employees may be facing legal consequences after committing fraud in an attempt to contain the firm's troubles, according to the analysts who blew the whistle on liquidity crisis concerns.

According to “two people familiar with the matter,” the cryptocurrency lending company Celsius is working with the financial giant Citigroup in order to get advice on how to handle the firm's financial hardship. The sources note that Citigroup was hired by Celsius to help the company find “potential financing.” Sources Say Celsius Is Looking for

An embattled crypto lending platform is contemplating a financial restructuring plan in the wake of its native token dropping by 99% from its all-time high. In a new report, the Wall Street Journal reveals Celsius Network (CEL) has engaged the services of the Akin Gump Strauss Hauer & Feld law firm to explore its options The post Celsius Undergoing Restructuring Process With Attorneys To Address Potential Insolvency: Report appeared first on The Daily Hodl.

Following an announcement earlier this week to halt user withdrawals, the lending platform is attracting scrutiny from authorities. On Tuesday, Celsius Networks paused withdrawals on its platform stating the move was in the interest of the users.

Major investors of crypto lending platform Celsius are "unlikely" to provide additional financial support, the Wall Street Journal reports. The post Celsius investors ‘unlikely' to provide bail-out funds: WSJ appeared first on The Block.

The report states that Texas has labelled its investigation a 'priority.' The post Texas securities regulator opens investigation into Celsius: Reuters appeared first on The Block.