Crypto lender Celsius Network LLC has hired restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions for its mounting financial problems, the Wall Street Journal reported https://on.wsj.com/3zDL82U on Tuesday. Celsius is first looking for possible financing options from investors, but is also exploring other strategic alternatives, including a 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 crypto lender said on Sunday it was pausing all swaps, transfers and withdrawals between accounts due to extreme market conditions. Rival crypto lender Nexo said on Monday it had offered to buy Celsius' outstanding assets.

Source: Wall Street Journal June 15, 2022 01:50 UTC