06-16-2022 icon

Celsius Network Hires Restructuring Attorneys – Report

By Lucy Adegbe

Following a Monday statement by Celsius about pausing withdrawals as well as swaps and other transfer activities due to “extreme market conditions”, the company has reportedly contacted legal advisers to help in its reorganization. 

The Wall Street Journal revealed on Wednesday that crypto loaning company Celsius has taken a step in employing legal specialists to help in the reorganization of its knotty financial condition. 

The report mentioned Attorneys from the Akin Gump Strauss Hauer from the Philadelphia region and Feld LLP.

The company had earlier informed the public of the essence of their halt in operation with no specified clue on resumption which likely posed unrest to some of its users, given the Twitter response. 

However, the lending firm noted the anticipated difficulty the suspension may cause to its customers and a request for understanding as the step is assured to be  “the most responsible to protect the community.”

“We are working with a singular focus: to protect and preserve assets to meet our obligations to customers. Our ultimate objective is stabilizing liquidity and restoring withdrawals, swaps, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time and there may be delays.” 

Celsius had also mentioned that “customers will continue to accrue rewards during the pause in line with our commitment to our customers.”