The Wall Street Journal reported on Tuesday that amid the ongoing risk of bankruptcy, crypto debt platform Celsius has hired restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld LLP, citing people familiar with the matter.
WSJ reported that Celsius is exploring financing options from investors and other strategic alternatives, such as financial restructuring. As it is known, on June 13, Celsius stopped all withdrawals and transfers due to “extreme market conditions”.
Offering returns on customer deposits, Celsius managed over US$11.8 billion in assets from 1.7 million users as of May 17, 2022, according to its website. Introduced last week, US crypto law aims to protect investors by ensuring that their assets are kept segregated in the event that cryptocurrency exchanges go bankrupt.
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