{"id":12793,"date":"2022-06-16T21:16:44","date_gmt":"2022-06-16T21:16:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/celsius-hires-citigroup-to-help-the-startup-find-potential-financing-bitcoin-news\/"},"modified":"2022-06-16T21:16:44","modified_gmt":"2022-06-16T21:16:44","slug":"celsius-hires-citigroup-to-help-the-startup-find-potential-financing-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/celsius-hires-citigroup-to-help-the-startup-find-potential-financing-bitcoin-news\/","title":{"rendered":"Celsius Hires Citigroup to Help the Startup Find ‘Potential Financing’ \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to \u201ctwo people familiar with the matter,\u201d the cryptocurrency lending company Celsius is working with the financial giant Citigroup in order to get advice on how to handle the firm\u2019s financial hardship. The sources note that Citigroup was hired by Celsius to help the company find \u201cpotential financing.\u201d<\/strong><\/p>\n

Sources Say Celsius Is Looking for Help From Citigroup<\/h2>\n

Three days ago, Bitcoin.com News reported<\/a> on the crypto lending company Celsius halting withdrawals and the speculation and rumors that surrounded the firm. Speculators believe the startup may be insolvent as the company has been very quiet about what\u2019s going on.<\/p>\n

On June 15, after a few days of silence, Alex Mashinsky, the CEO of Celsius, tweeted<\/a> about the situation. \u201c[The Celsius] team is working non-stop. We\u2019re focused on your concerns and thankful to have heard from so many,\u201d Mashinsky said. \u201cTo see you come together is a clear sign our community is the strongest in the world. This is a difficult moment; your patience and support mean the world to us.\u201d<\/p>\n

Bitcoin.com News also reported<\/a> on the company allegedly seeking out restructuring lawyers. A Wall Street Journal report, quoting \u201cpeople familiar with the matter,\u201d explained that Celsius was reportedly working with the law firm Akin Gump Strauss Hauer & Feld LLP. Both companies refused to comment about whether or not restructuring is being planned.<\/p>\n

Furthermore, Ben Armstrong \u2014 also known as \u201cBit Boy\u201d on Youtube \u2014 is allegedly bringing a class action against Celsius. \u201cToday we will begin the process of bringing a Class Action Lawsuit against [Celsius Network] and [Alex Mashinsky],\u201d Armstrong said<\/a>.<\/p>\n

On Wednesday, The Block reported<\/a> that Celsius may be seeking help from Citigroup. Two sources \u201cfamiliar with the matter\u201d indicated that the financial giant is being hired in \u201can advisor capacity\u201d and the source says Citigroup is not offering Celsius funds. \u201cIt\u2019s not like Citi is going to give Celsius money out of their balance sheet,\u201d the source is quoted as saying.<\/p>\n

According to The Block author Yogita Khatri, the news publication reached out to Citigroup and the financial firm declined to comment. So far, it\u2019s been over three days since Celsius halted withdrawals, and customers have not had access to their funds since the downtime started. Celsius has published a \u201cCommunity FAQ<\/a>\u201d that discusses how customers can handle specific claims like loans. \u201cFor assistance, please direct your inquiry to loans@celsius.network,\u201d the company\u2019s FAQ details.<\/p>\n

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\nTags in this story
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Akin Gump<\/a>, Alex Mashinsky<\/a>, alleged Insolvency<\/a>, CEL<\/a>, Celsius<\/a>, Celsius Citigroup<\/a>, Celsius customers<\/a>, celsius network (CEL)<\/a>, Celsius Network wallets<\/a>, Celsius restructuring<\/a>, Celsius’ Assets<\/a>, CEO of Celsius<\/a>, CitiGroup<\/a>, collateral<\/a>, halt withdrawals<\/a>, Insolvency<\/a>, insolvent<\/a>, Investors<\/a>, law firm<\/a>, paused transfers<\/a>, restructuring<\/a>, restructuring Celsius<\/a>, rumors<\/a>, seeking help<\/a>, Speculation<\/a>, speculators<\/a>, Withdrawals<\/a>, withdrawals paused<\/a><\/div>\n<\/div>\n

What do you think about Celsius allegedly working with Citigroup for advisory purposes? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Artemenko Valentyn<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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