Celsius Network has yet to face legal action following its bankruptcy but already has a plan to return to the market.
Celsius Network changes skin
Celsius Network is still in the midst of legal setbacks after its bankruptcy during the crypto winter. After the disavowal of one of its co-founders and the problems of repayment by creditors, the former lending company is not giving up. The general manager of the company would indeed have made it known that he had plans for the rest of the events.
For Alex Mashinsky, abandoning Celsius Network is out of the question. During a meeting with his employees, the entrepreneur would have presented his strategy for reviving the business. The recording of the event would have been captured and then transmitted to the New York Times. According to them, the founder’s idea would be very simple: convert the company by offering new services. Titled Kelvin, the rebuilding plan would turn Celsius Network into a crypto custodial company. Thus, customers would entrust their tokens to the company and would be charged fees during transactions.
However, according to the New York Times, employees are less than enthusiastic. He would nevertheless have justified himself by evoking the bankruptcies of certain large companies such as Pepsi. Despite two incidents, the public did not shun the mark. The entrepreneur therefore hopes to be able to do the same with his company.
Like Do Kwon, who regularly returned with new projects without commenting on the situation of his creditors, Mashinsky would aim for his comeback without giving information on the reimbursement of his clients.
The public seems to be returning to society
Despite the doubts of his team, Alex Mashinsky seems to be right on one point: the public is able to come back to a company that has gone bankrupt. Shortly after announcing its rebuilding plan, investors flocked to the Celsius (CEL) token, driving its price up by more than 25%.
A similar phenomenon had already occurred over the past month when retail traders pushed for investment. By promoting the token and defining it as the best asset to speculate on, they had been able to briefly resurrect the price of Celsius. It could be, for now, that the token’s rally is purely speculative and that investors are only playing on the recent news from Celsius Network.
In addition, the token having the habit of varying according to the setbacks of society, it could still fall in the event of an extreme decision of justice. Time will tell if the bankrupt company will have been able to convert into a guard company and if the public will have followed suit.
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Celsius Network: after the bankruptcy, the company is already preparing its return – BeinCrypto International
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