published by the Wall Street Journal explains that Celsius may be seeking help from a restructuring law firm.
The report notes that the crypto company may be leveraging the bankruptcy and restructuring law firm Akin Gump Strauss Hauer & Feld LLP. The WSJ author Alexander Gladstone details that Celsius is attempting to get help from investors first. “Celsius is first looking for possible financing options from investors but is also exploring other strategic alternatives, including a financial restructuring, one of the people familiar with the matter said,” Gladstone wrote.
The rumored Celsius insolvency has arguably put a dark cloud over the entire crypto industry, as participants are still cleaning up the mess left behind by the Terra blockchain fiasco. Speculators believe there’s close to $2 billion worth of bitcoin tied up with Celsius accounts and loans. Overall, the firm still claimed to manage roughly $11 billion even after the Terra LUNA and UST fallout.
Gladstone’s report said that he reached out to the law firm Akin Gump and the company “had no immediate comment,” and Celsius did not respond to Gladstone’s questions either. Furthermore, the company’s token celsius network is ranked 130 out of 13,417 crypto assets, and it is down 12.5% this week against the U.S. dollar.
I'm afraid what they need it for
Hiring restructuring lawyers? $PAW Why is that?
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