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

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

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

Celsius Network hires advisers to prepare for bankruptcy

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

Earlier 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’ troubled assets.

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

Last month, Celsius had assets worth $11.8 billion.

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

$100 million heist hits US crypto firm Harmony

In the latest cyber heist on a long-targeted industry, US 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 the traditional bank custodians, and non-fungible tokens.

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

According to Harmony, she is working with forensic experts and state authorities to identify the culprit and recover the stolen funds.

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

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

(With contributions from Reuters)

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