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Goldman Sachs will raise $2 billion to purchase Celsius Assets.

25-Jun-2022 By: Simran Mishra
Goldman Sachs will r

Goldman Sachs will raise $2 billion to purchase Celsius Assets.

Due to significant platform liquidations, cryptocurrency lender Celsius Networks is currently going through a really terrible period. According to insiders, Goldman Sachs intends to raise $2 billion from investors to purchase Celsius Networks' failing assets.

Celsius Networks declared that it would halt allowing withdrawals on its platforms, claiming "extreme market conditions." According to a report from May, the cryptocurrency lender had loans to clients totaling more than $8 billion and $12 billion in assets under control.

Goldman Sachs is reportedly considering the interest from Web 3 crypto funds at this time, according to source. Additionally, it is in communication with funds that are experts in handling troubled assets. The majority of Celsius Networks' distressed assets would be bitcoins that were cheaply sold.

Co-founder of the derivatives trading platform 100x Arthur Hayes thinks it would be premature to assume Goldman is investing money in this case. The market should only celebrate after the vehicle buys the assets and starts making withdrawals again. A bull run in cryptocurrency might possibly begin with such a measure."Until actual funds are spent and actual depositors are permitted to withdraw all or part of their assets from bankrupt centralised crypto lenders, any and all "bailouts" should be deemed PR stunts."

Celsius Networks has hired restructuring lawyers from the law firm Akin Gump Strauss Hauer and Feld in the middle of the ongoing issue. Citigroup, purportedly also provides advice on this subject. According to sources, Celsius has been recommended to declare bankruptcy by both Citigroup (C) and Akin Gump.

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