As the crypto market experiences a temporary crash, many networks are on the verge of going bankrupt.
Celsius Network, the popular crypto-lending platform, looks to be mainly affected by the recent downturn of activities in the crypto market. Bankruptcy looks unavoidable on the path of the network, and the platform has come out to seek the intervention of investors.

As of May, Celsius Network claimed to have about $11.8 billion worth of assets and loaned over $8 billion to its users — who are reportedly about 1.7 million. But with the turn of activities, Celsius has gone ahead to shut down swaps, transfers, and withdrawals, as it currently faces liquidity issues.

Going further, Celsius has made efforts to get advice on a possible bankruptcy filing. This they have done by involving restructuring consultants from Alvarez & Marsal, an advisory firm.

On the other hand, Goldman Sachs — the Wall Street giant — is set to jump in on the offer to acquire Celsius’ distressed assets worth about $2 billion, as it solicits funds from Web3 Cryptocurrency Funds and other fund-raising agencies.
Do you foresee a bouncing back from the crypto-lending platform?

Featured image source: pymnts.com