In the last day, the ongoing cryptocurrency crash has attracted comments from multiple regulators, including the SEC and CFTC in the United States and Europe’s financial services commissioner. Bitcoin’s price continues to tumble, plummeting by a third in five days and nearing a major support threshold of $20,000. And it’s far from being the worst performing cryptocurrency.
On Monday, centralized crypto lender Celsius Network confirmed it was pausing withdrawals. According to a Wall Street Journal (WSJ) report yesterday evening, the firm has hired restructuring attorney Akin Gump Strauss Hauer & Feld LLP. Late last year, multiple U.S. states issued cease and desist notices against Celsius, including New York, Texas, New Jersey and Kentucky.
The company had $11.8 billion in assets in mid-May and claimed 1.7 million users, which means many retail clients deposited stablecoins with the lure of high return rates.
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