Embattled Crypto Lender Celsius Hires New Law Firm to Ease Financial Burden

Celsius, a troubled crypto lending platform, has recently announced that it hired several lawyers from the legal company dubbed Kirkland & Ellis LLP.

According to the official announcement issued on July 10th, the crypto-driven company is turning to the law firm in order to get some advice on how to weather the current financial crisis, following the ongoing crypto bear market.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

How to Use Crypto? 5 Rewarding Strategies Explained (Animated)

SUBSCRIBE

ON YOUTUBE

The news arrives a few weeks after Celsius hired a restructuring law firm Akin Gump Strauss Hauer & Feld to receive some recommendations on its bankruptcy filing. However, the company decided to replace the former to get more professional advice after its measure to halt operations.

However, Celsius still has to pay around $130M in USDC and $82,500 in Ren (REN) to Aave. On top of that, Compound Protocol should also receive $85.2M in Dai (DAI) from the crypto lender.

Following the firm's latest acquisition, the price of its native token CEL has plummeted 10.64% in the last 24 hours and currently sits at $0.79.

Nonetheless, back in June, Celsius noted that it's doing everything in its power to get through these horrible times, adding that the firm will ensure the protection of all users' assets and explore every option available:

"Our relationship with the community and our clients has been a source of pride for all team members at Celsius, and we will continue to share information with our customers as and when it becomes appropriate."

It seems as though Celsius is trying to hold on for dear life as hard as it can. For instance, earlier in July, the crypto exchange paid $142.8M in DAI loans to Maker (MKR) protocol. Likewise, it returned 20 million in USD Coin (USDC) to decentralized finance (DeFi) lending protocol dubbed Aave.

The New Jersey-based crypto-driven lender has also laid off 23% of its employees.