Celsius is exploring financing options from investors and other strategic alternatives like financial restructuring
Amid the ongoing insolvency risk, crypto lender Celsius has hired restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld LLP, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
Celsius is said to be hiring restructuring attorneys, exploring financing options
The WSJ reported that Celsius is exploring financing options from investors and other strategic alternatives like financial restructuring. On June 13, Celsius halted all withdrawals and transfers citing “extreme market conditions.”
According to its website, Celsius, which offered yields on customer deposits, managed over US$11.8 billion in assets as of May 17, 2022, from 1.7 million users. The U.S. crypto legislation introduced last week aims to protect investors in situations where cryptocurrency exchanges go bust by ensuring their assets are held separately.
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