Celsius Seeks Show of Client Support as Lawyers Push for Chapter 11 Bankruptcy

Jun 28,2022
KingData News : According to The Block, citing sources , embattled crypto lender Celsius Network is resisting a recommendation from its own lawyers to file for Chapter 11 bankruptcy — and seeking a show of support from users to help win the internal argument against the suits. Executives at the firm believe many of its clients would prefer Celsius to avoid lengthy and painful bankruptcy proceedings.
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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