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Crypto Moves – Bitcoin and Ethereum rise; Celsius prepares for bankruptcy; $100m heist hits crypto firm Harmony

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Sunday, rising by 0.93 percent to $21,420.15 as of 8:10 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,237.88, rising by 1.38 percent, according to data from Coindesk.

Celsius Network hires advisers to prepare for bankruptcy 

The Wall Street Journal reported Friday that Celsius Network LLC hired restructuring experts from Alvarez & Marsal to advise on a potential bankruptcy filing.

Early this month, the New Jersey-based cryptocurrency lending company froze withdrawals and transfers due to “extreme” market conditions.

CoinDesk reported that Goldman Sachs plans to raise $2 billion from investors to buy Celsius’ distressed assets.

If the cryptocurrency lender files for bankruptcy, investors can buy the assets at potential discounts, according to a report citing two sources.

As of last month, Celsius had assets worth $11.8 billion.

Investors have dumped risky assets amid fears that rate hikes could plunge the economy into recession, leading to extreme volatility in digital assets in recent months.

A $100 million heist hits US crypto firm Harmony

In the latest cyber heist on a long-targeted sector, US-based crypto firm Harmony said hackers stole around $100 million in digital coins from one of its key products, Reuters reported.

The company develops blockchains for decentralized finance, peer-to-peer sites offering loans and other services without banks’ traditional gatekeepers, and non-fungible tokens.

According to the company, the heist targeted its Horizon bridge, which transfers crypto between different blockchains.

According to Harmony, it has been working with forensic experts and national authorities to identify the culprit and retrieve the stolen funds.

Harmony said its global team was “working around the clock to address the issue.”

According to Elliptic, which tracks publicly visible blockchain data, the hackers stole Ether, Tether, and USD Coin from Harmony, which they later traded for ether using decentralized exchanges.

(With inputs from Reuters)



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