Crypto lender Celsius has hired lawyers from Akin Gump Strauss Hauer & Feld LLP as it mulls its financial options after halting withdrawals this past weekend, according to the Wall Street Journal.
Restructuring lawyers have been tapped from the law firm as it mulls what to do after freezing withdrawals, account transfers and swaps. Celsius cited "extreme market conditions" in its announcement at the time.
The Wall Street Journal report said that Celsius "is first looking for possible financing options from investors but is also exploring other strategic alternatives, including a financial restructuring," according to a source with knowledge of the process.
Earlier Tuesday, Celsius said in a post on Twitter that it "is working as quickly as possible and will share information as and when it becomes appropriate. Acting in the interest of our community remains our top priority."