Celsius appoints restructuring attorneys

Celsius Network has hired Akin Gump Strauss Hauer & Feld restructuring attorneys, citing financial troubles after announcing a withdrawal freeze at the weekend.

According to a report from Wall Street Journal, the crypto lender is looking for “possible solutions for its mounting financial problems”.

Celsius may be looking for financing options from investors, however it is not ruling out other ideas like financial restructuring, according to the report.

On Sunday, the company paused withdrawals in an attempt to “stabilize liquid”. Celsius’ value dropped 70% instantly, affecting its native token which dropped rapidly to $0.31.

On Tuesday, the firm took to Twitter and said: “Acting in the interest of our community remains our top priority”, adding that it was “working as quickly as possible and will share information as and when it becomes appropriate”.

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Updated: 06/15/2022 — 13:00