Troubled Crypto Lender Celsius Hires New Restructuring Lawyers

Jul 11,2022
KingData News: Embattled cryptocurrency lender Celsius Network LLC has hired new lawyers for restructuring advice as it navigates the financial fallout from recent turmoil in crypto markets, according to people familiar with the matter. Celsius brought on lawyers from Kirkland & Ellis LLP to advise on options including a bankruptcy filing, replacing the company’s prior lead restructuring counsel, the people said.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.
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