BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Celsius Hire Lawyers to Help Restructure Company Amidst User Fund Freeze

Alexa by Alexa
June 17, 2022
in Business, DeFi
Reading Time: 1 min read
A A
Celsius Hire Lawyers to Help Restructure Company Amidst User Fund Freeze
1
SHARES
11
VIEWS
Share on TwitterShare on Reddit

Celsius Network, one of the largest cryptocurrency lenders to date, paused user accounts reportedly due to extreme “extreme market conditions.”

You might also like

Telegram Enables USDT Stablecoin Payments on the Tron Network

Unstoppable Domains Set to Roll Out Web3 Messaging Service on Ethereum

Binance Space ID Tokens Launchpad Secures BNB Commitments Worth $2.8 Billion

The crypto lender has now hired restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld LLP to advise and brainstorm how to solve the company’s recent financial problems. 

Earlier last week, Celsius told users that they would be pausing withdraws on the platform, along with user transfers and swaps because of volatile market conditions. 

Along with hiring these attorneys to help navigate the company through this period, Celsius is also seeking financial life-preservers from investors.

Celsius lends out customer deposits to other users to earn a return. The company managed $11.8 billion in assets as of May 17, according to its website. It offers users annual percentage yields of up to 18.63% on cryptocurrency deposits. The company said it has 1.7 million users.

A spokeswoman for Akin Gump had no immediate comment. Celsius executives didn’t immediately respond to requests for comment.

Lawmakers have recently been turning their attention to what could happen if a cryptocurrency platform fails. A bipartisan duo of senators last week proposed a law that would aim to protect investors in the event that a crypto exchange files for bankruptcy by ensuring that their digital assets would be held separate.

Tags: Celsius
TweetShareShare

Recommended For You

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more

Unstoppable Domains Set to Roll Out Web3 Messaging Service on Ethereum

by BlockNews Team
March 24, 2023
0
Unstoppable Domains

Unstoppable Domains is launching Unstoppable Messaging, a platform for sending encrypted messages from Polygon-based domains.  The messaging service aims to help Web3 projects build their communities and foster...

Read more

Binance Space ID Tokens Launchpad Secures BNB Commitments Worth $2.8 Billion

by BlockNews Team
March 24, 2023
0
space ID logo

More than 8.4 million BNB tokens were for up for the Space ID token sale Space ID earned $2.85 billion within 48 hours Final allocation will be based...

Read more

Coinbase Argues Software Services Are Not Securities: A Case Against the SEC

by BlockNews Team
March 24, 2023
0
coinbase

Coinbase CLO Paul Grewal announced that the company provided details to the SEC about why staking services are not securities Grewal saw the SEC’s perspective on software services...

Read more

Nigeria Now Enabled to Make Direct Crypto Purchases Through MetaMask

by BlockNews Team
March 24, 2023
0
metamask

Nigerians can now buy crypto using MetaMask instead of centralized exchanges Crypto fintech MoonPay merged with ConsenSys to allow users to buy cryptocurrencies through direct bank transfers Nigeria...

Read more
Next Post
crayzillas image

Crayzillas: Color your NFT

Related News

Andrew Tate Backs Cryptocurrencies, But Which Coin?

Andrew Tate Backs Cryptocurrencies, But Which Coin?

September 3, 2022
crypto retail

Using Blockchain Technology to Combat Retail Theft

January 23, 2023
coinbase

Coinbase Announces Suspension of BUSD Trading Beginning March 13

March 1, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?