According to a report released today by the the wall street journalciting anonymous sources.

Celsius has hired restructuring advisers from firm Alvarez & Marsal to help the struggling crypto lender prepare for an upcoming bankruptcy filing, the Log reported today.

Just 12 days ago, the company abruptly froze its clients’ accounts, suspending all withdrawals, trades and transfers on its platform in an apparent liquidity crunch as the crypto market crashed. At the time, Celsius cited “extreme market conditions” for suspending withdrawals, but has since offered almost nothing to its clients in terms of a way forward. The the wall street journal reported last week that the crypto lender has sought assistance from law firm Akin Gump Strauss Hauer & Feld LLP with its financial restructuring.

Before freezing customer accounts, Celsius CEO Alex Mashinsky had just a day earlier dismissed rumors of the company’s insolvency as “FUD”, short for “fear, uncertainty and doubt” and often used in crypto circles to imply deliberate misinformation.

Mashinsky then remained silent on the radio, only to resurface on Twitter three days later to finally acknowledge the situation: “This is a difficult time; your patience and support mean the world to us,” he said. .