The Head Of Celsius Confirmed The Fact Of Bankruptcy

The CEO of the Celsius cryptocurrency project, Alex Mashinsky, confirmed that his company has filed for bankruptcy. The entrepreneur noted that after a month of discussions, the Yield Platform has finally decided to file for Chapter 11 bankruptcy. This allows the firm time to stabilize the business and the entire restructuring process. Analysts pointed out that investors lost reliability on the return of their funds.

The executive said he had $167 million that could be used to keep the site running and pay the firm’s employees. Mashinsky also confirmed that he had appointed new directors David Bars and Alan Carr, while Messrs. Kirkland and Ellis would act as legal advisers.

Alex Mashinsky assured us that the bankruptcy decision is ideal for the company. The firm has a solid, experienced team that will guide Celsius through this process. According to him, such actions will ultimately stabilize the community and the organization’s future.

“The entrepreneur said he knew full well that he would be asked a lot of questions about how he allowed his company to get to this state of affairs, but the non-disclosure documents (NDA) would help him to leave this topic without explanation.”

Market experts began a dispute about what part of the deposits will remain with investors following the results of the legal procedure for the company’s bankruptcy. It was previously announced that the firm has more than $11 billion in assets. However, it is now clear that most of them have been lost.

Earlier, the editors of Crypto.ru reported: that the Celsius Networks lending platform was trying to negotiate with the leaders of Goldman Sachs to raise $2 billion.