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

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

The bleeding crypto exchange is once again calling for help amid its financial crisis.

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.

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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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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