The leading crypto lender Celsius Network hires lawyers to advise on potential remedies to its escalating financial issues.
According to a WSJ report, Celsius Network reportedly hired restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld LLP.
Celsius network is apparently seeking potential financing options from investors, but it is also considering other strategic options, such as a financial restructuring.
The hiring comes in the light of Celsius’s latest move of pausing withdrawals and transfers amid the current market conditions. The speculations of Celsius running out of liquid funds arise as Alameda Research appears to be exiting its positions on Lido.
The network has since then been assuring the community that the team is working to resolve all the issues which led to this halt. The community is however very much restless, unable to withdraw their funds and the rising FUD of another debacle like Terra UST.
Also Read: Nexo Offers to Buy out Celsius’ Assets