FUD is in the air for the Celsius Network but its CEO Alex Mashinsky has managed to do the damage control effectively. The network is managing the liquidity at the moment. On the other hand, Goldman Sachs has already planned for $2 billion in funding to buy Celsius Network. The bank has approached numerous financial institutions to raise the funds. But apparently the Celsius Network has been working closely with BnkToTheFuture and Simon Dixon to restore the liquidity balance.
How Celsius Network Plans To Restore Liquidity And Pay Back Debtors?
Alvarez & Marshal, an advisory firm, is helping the Celsius Network to file for bankruptcy. Presently, Celsius Network has close to $11.8 billion funds as of late last month’s report. The token had jumped almost 300% on June 21 after registering a Gamestop type of short squeeze which pushed the celsius market on the floor.
Citing this as an opportunity, Mike Alfred, co-founder of the crypto analytics firm Digital Assets Data wanted to cash out on the opportunity. He has been spreading the rumors that Alex Mashinsky plans to move to Israel. As this news spread, the Celsius Network almost experienced a GameStop moment. The token prices took a beating and there has been extreme FUD. But the management team has taken the matter in control and conveyed a recovery plan. They have said that advisories have charted out a route that would restore liquidity and pay off the debtors within the capability of the Celsius Network.
Meanwhile, Celsius prices have fallen by almost 5% in the last 24 hours. Despite that, the token is well over 160% in the past 1 week and investors haven’t altogether given up hope on the Celsius Network.
