We examine the recent results of the MACHO collaboration towards the Large Magellanic Cloud (Alcock et al. 1996) in terms of a halo brown dwarf or white dwarf population. The possibility for most of the microlensing events to be due to brown dwarfs is totally excluded by large-scale kinematic properties. The white dwarf scenario is examined in details in the context of the most recent white dwarf cooling theory (Segretain et al. 1994) which includes explicitely the extra source of energy due to carbon-oxygen differentiation at crystallization and the subsequent Debye cooling. We show that the observational constraints arising from the luminosity function of high-velocity white dwarfs in the solar neighborhood and from the recent HST deep field counts are consistent with a white dwarf contribution to the halo missing mass as large as 50 %, provided i) an IMF strongly peaked around 1.7 Msol and ii) a halo age older than 18 Gyr.