Celsius hires lawyers to restructure company after withdrawals freeze

Celsius is first seeking possible financing options from investors, but is also exploring other strategic alternatives, including financial restructuring, the newspaper said, citing people familiar with the matter.

Celsius Network and Akin Gump did not immediately respond to Reuters requests for comment.

The cryptocurrency lender said on Sunday that it was pausing all swaps, transfers and withdrawals between accounts due to the extreme market conditions.

Celsius’ move sparked a slide across cryptocurrencies, with their value falling below the $1 trillion mark on Monday for the first time since January 2021.

As of May 17, Celsius had $11.8 billion in assets, according to its website, down more than half from October, and had processed a total of $8.2 billion in loans.

Rival crypto creditor Nexo said on Monday that it had offered to buy Celsius’s outstanding assets.

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