February 1, 2023

Celsius announced early Monday it would pause withdrawals along with its swap and transfer products, citing “extreme market conditions.”

Source: cryptoandsauce.com
Source: cryptoandsauce.com

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.

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.