- Celsius has hired new lawyers from Kirkland & Ellis LLP.
- Celsius as of now has paid $ 41.2 million through Maker’s wallet.
Celsius Network has designated new legal practitioners from Kirkland & Ellis LLP in the hope of revamping the damage control protocols, as per the resources of a close acquaintance. The old law firm that represented Celsius was Akin Gump Strauss Hauer & Feld LLP.
The network passed all its withdrawals and functions as of June 13 and didn’t announce any more post that situation. Currently, it is busy solving all its debts and repaying as much as possible. The Maker wallet as of today has repaid $ 41.2 million.
.@CelsiusNetwork is pausing all withdrawals, Swap, and transfers between accounts. Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community. More here: https://t.co/CvjORUICs2
— Celsius (@CelsiusNetwork) June 13, 2022
Celsius Contemporary Status
Though the network has not yet filed for bankruptcy, the change in law firm indicates some change in the mindset of the management. One interesting fact to be kept in mind is the newly appointed law firm’s client list also includes Voyager Digital which is fighting chapter 11 bankruptcy.
On June 13, the Celsius network released a blog stating the efforts they are taking to overcome the current difficult situation.
Celsius stated:
We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets
Celsius as of now has a hold of $546 million in the form of 238 million CEL and 1.7 million customer funds. The present price value of CEL is $0.7848. The rank that it occupies in the crypto market is 133.
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