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Crypto Lender Celsius Hires Restructuring Attorneys, WSJ Reports
Celsius announced early Monday it would pause withdrawals along with its swap and transfer products, citing "extreme market conditions."
By Danny Nelson
Updated May 11, 2023, 4:20 p.m. Published Jun 15, 2022, 4:46 a.m. 1 min read
Crypto lending firm Celsius has hired lawyers specializing in business restructuring to help it navigate its thorny financial situation, The Wall Street Journal reported Wednesday, citing people familiar with the matter.
- Lawyers from the Philadelphia-based Akin Gump Strauss Hauer & Feld LLP are working with Celsius, which at its peak held over $10 billion in client assets, the report said.
Read more: What Crypto Lender Celsius Isn’t Telling Its Depositors
- Celsius took the dramatic step of freezing account withdrawals Monday amid the broader crypto market downturn.
- The company did not immediately respond to a request for comment.
Read More: Crypto Lending Service Celsius Pauses Withdrawals, Citing 'Extreme Market Conditions'
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