Celsius Network hires advisors to prepare for potential bankruptcy

• Crypto lending platform hires restructuring consultants from Alvarez & Marsal as customer withdrawals remain frozen

Crypto financial service provider Celsius Network LLC has hired restructuring consultants to advise on a possible bankruptcy filing, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The report said the New Jersey-based firm hired consultants from advisory firm Alvarez & Marsal.

In another news report published on June 14, WSJ said Celsius has engaged with the law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible restructuring options after pausing all withdrawals, swaps and transfers between accounts, citing extreme market volatility.