Kirkland and Ellis LLP to handle the lending platforms restructuring.
Withdrawals have been paused on the Celsius platform for about a month now, The team has now put new lawyers in charge of the restructuring process as they get themselves out of troubles that have started since the depegging of USDT and Terra.
The company hired lawyers from Kirkland & Ellis LLC, this is a group that has replaced the previous law firm Akin Gump Strauss Hauer & Feld LLP. Kirkland & Ellis LLC has an extensive portfolio of handling financial products and companies. The Law firm will help the company that has been under pressure from their liquidity issues which have locked out more than 1.7. Million users. Originally the team at Celsius offered loans with yields up to 18% but has maintained that users will continue to accrue rewards during the downtime of the platform.
The company states that the downtime is necessary and will benefit the entire Celsius community. The plan is to stabilize liquidity and operations while steps are taken to preserve and protect all assets. Celsius joins other crypto firms such as Voyager Digial which has recently filed for Chapter 11 bankruptcy. Both companies are hoping that the new cooperation with Kirkland $ Ellis LLC can prove beneficial to their user base.