Celsius Shuffles its Board of Directors Amid Liquidity Crisis

According to filings, embattled cryptocurrency lender Celsius Network has reorganized its board of directors amid bankruptcy speculation. Celsius named David Barse and Alan Jeffrey Carr as directors in late June. While Carr is the founder and CEO of Drivetrain, which offers restructuring services, Barse is the founder and CEO of XOUT Capital. This company specializes in identifying businesses that should be removed from an index. Additionally, documents revealed that at the end of the previous month, Celsius fired John Stephen Dubel, Laurence Anthony Tosi, and Gilbert Nathan as directors. According to the reports, directors Nathan and Dubel were fired less than two weeks after being hired. Dubel founded the restructuring services company, Dubel & Associates, while Tosi founded the investment company WestCap. Tosi formerly held the positions of CEO of Airbnb and The Blackstone Group. Following the cessation of transfers and withdrawals on June 13, Celsius’s board underwent a restructuring. Celsius Pays off Debts as Bankruptcy Fears Grow Since July 1, data from DeFi Explore reveals that Celsius Network has paid back US$142.8 million of its debt to Maker as the troubled cryptocurrency lender attempts to avert a total collapse. With the payments, Celsius’s Wrapped Bitcoin (WBTC) loan liquidation price has decreased to US$4,967. The Maker protocol still owes Celsius 82 million dollars. According to DeFi Explore statistics, Celsius ...