Crypto lender Celsius prepares for possible bankruptcy with more advisors on deck: WSJ

In preparation for potentially going bankrupt, struggling cryptocurrency lender Celsius Network has employed restructuring consultants from consulting firm Alvarez & Marsal, people familiar with the matter told the Wall Street Journal on Friday. The news comes after Celsius, which promises exceptionally high annual interest rates on crypto deposits to then create crypto loans, reached out to law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible restructuring plans, the WSJ reported on June 14. In the wake of turbulent crypto market conditions, Celsius had suspended withdrawals, swaps, and transfers earlier in June, putting the rest of the crypto market further on edge. More recently, prominent crypto-focused hedge fund Three Arrows Capital has incurred hundreds of millions of dollars in liquidations in a move that could lead to insolvency. Celsius reportedly had $11.8B in assets as of May, down from nearly $25B in October amid the worst drawdown in cryptos since