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Celsius Stories Littered With ‘People Familiar With the Matter’ Sources, Report Claims Lender Struggles With Arguments Over Bankruptcy

The embattled crypto lending platform Celsius has kept withdrawals and transfers frozen since June 12 and told the Celsius Network community that the “process will take time.” Since then, Celsius users are wondering why they are still receiving weekly rewards, and reportedly the company’s management has been arguing with its lawyers over whether or not the business should file for Chapter 11 bankruptcy. However, most of the Celsius articles these days are quoting ‘people familiar with the matter,’ and ultimately these sources cannot be verified.

The reporter’s source stems from “people with knowledge of the situation,” and this has been an ongoing trend as far as Celsius news is concerned. Many reports from publications like, WSJ, Bloomberg, and others covering the Celsius Network subject have quoted people familiar with the matter.

The Block’s Rummer said his sources claim that Celsius has been “prevented from making any public pronouncements due to legal advice.” The sources claimed that Celsius Network users would prefer an alternative to bankruptcy proceedings.

People are likely inclined to wait for Celsius’s official statements as most everything else has been hearsay and speculation. Yet there is no certainty on when Celsius will respond to the issues customers are facing and until then, they have to rely on so-called individuals with knowledge of the situation.

What do you think about the latest reports about Celsius? Do you think people ‘familiar with the matter’ sources are legitimate? Let us know what you think about the Celsius subject in the comments section below.


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