Celsius crypto platform changes its legal team
New consultants will look for options for restructuring the company, including filing for bankruptcy.
According to The Wall Street Journal, the Celsius Network platform has hired lawyers from Kirkland & Ellis LLP. New consultants will replace the previously hired team from Akin Gump Strauss Hauer & Feld LLP and will consider options to restructure Celsius, including declaring bankruptcy.
The crypto platform started restructuring its business in June, suspending all withdrawals, swaps, and transfers between accounts on June 13 due to "extreme market conditions." Kirkland & Ellis LLP lawyers were also previously retained as general counsels in the bankruptcy of Voyager Digital.
At the same time, Celsius Network keeps paying off its debts to DeFi lending protocols. On July 10, Celsius transferred $20 million in USDC stablecoins to the Aave protocol V2 wallet.
Last week, Celsius fully repaid its debt to the Maker DAO protocol. On July 7, the remaining 41.2 million DAI (stablecoin, pegged to the U.S. dollar exchange rate) were credited to the creditor's account.
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