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.

$572 Million Lost to Hacks and Fraud in Q2 -Immunefi

07:58

Most Influential 2023: The People Who Defined the Year in Crypto

00:36

The 'Real Question' About Sam Bankman-Fried's Trial is What Happens Next: Kevin O'Leary

05:08

How Decentralization Cultivates Community

05:40

How Decentralized Threads Build Web3

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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."

$572 Million Lost to Hacks and Fraud in Q2 -Immunefi