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  • Celsius hires lawyers to restructure business after freezing withdrawals
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Celsius hires lawyers to restructure business after freezing withdrawals

By Julie S. Stricker 2 weeks ago


(Reuters) – Crypto lender Celsius Network LLC has hired restructuring lawyers from regulation agency Akin Gump Strauss Hauer & Feld LLP to advise on achievable alternatives for its mounting economic issues, the Wall Road Journal documented https://on.wsj.com/3zDL82U on Tuesday.

Celsius is initially looking for achievable financing alternatives from investors, but is also checking out other strategic alternatives, which include a money restructuring, the newspaper reported, citing people today acquainted with the subject.

Celsius Network and Akin Gump did not right away react to Reuters’ requests for remark.

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The crypto financial institution said on Sunday it was pausing all swaps, transfers and withdrawals among accounts due to excessive sector disorders.

The Celsius transfer triggered a slide throughout cryptocurrencies, with their worth dropping down below $1 trillion on Monday for the 1st time given that January 2021.

As of May well 17, Celsius experienced $11.8 billion in assets, its website confirmed, down by extra than half from October, and had processed a overall of $8.2 billion worth of loans.

Rival crypto lender Nexo claimed on Monday it had supplied to acquire Celsius’ exceptional belongings.

(Reporting by Mrinmay Dey in Bengaluru Editing by Subhranshu Sahu)



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