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0 sats \ 1 reply \ @cryptocoin OP 25 Jun 2022 \ on: Goldman Sachs Leading Investor Group to Buy Celsius Assets: Sources | CoinDesk bitcoin

Goldman Sachs is looking to raise $2 billion from investors to buy up distressed assets from troubled crypto lender Celsius, according to two people familiar with the matter.

Celsius has tapped restructuring advisory firm Alvarez & Marsal, the Wall Street Journal reported Friday afternoon.

Citigroup (C) and Akin Gump have both recommended Celsius file for bankruptcy, according to people familiar with the matter.

0 sats \ 0 replies \ @cryptocoin OP 25 Jun 2022

Here's an article from ZeroHedge on this:

Wall Street is officially entering the distressed crypto business.

And yes, those saying that Wall Street's creeping penetration of the crypto space will further dilute its libertarian purity, are probably right although one can make that argument when virtually every VC decided to go all in on eth3. And yes, while Goldman becoming a major player in the DeFi space will anger some, the fact that the world's most powerful bank implicitly backstops the crypto space will be just what the bitcoin and ether dip buyers want.

Goldman Raising $2 Billion To Buy Distressed Celsius Assets https://www.zerohedge.com/markets/goldman-raising-2-billion-buy-distressed-celsius-assets