Celsius has retained Kirkland & Ellis LLP attorneys to advise on its restructuring alternatives – the same firm that recently supported Voyager Digital with its bankruptcy case.

The corporation has engaged attorneys to advise on alternatives, including filing for bankruptcy, in lieu of the previously appointed legal firm Akin Gump Strauss Hauer & Feld LLP.

Kirkland & Ellis LLP, established in 1909, touts itself as an international legal company that services clients in venture capital, acquisitions and mergers, and other commercial deals.

According to the company’s website, the New Jersey-based corporation stopped up due to liquidity difficulties in June, locking 1.7 million consumers out of their accounts. Celsius offered consumers high-yield loans of up to 18% on deposits in the run-up to the stoppage, and the company says its users “will continue to collect incentives” throughout the break.

“We are taking this essential action for the interest of our whole community to stabilize liquidity and operations as we conserve and safeguard assets,” Celsius stated on June 12. “We are working hard to fulfill our deadlines.”

Celsius isn’t the only cryptocurrency platform working with Kirkland & Ellis; Voyager Digital, which filed bankruptcy in the Southern District of New York last week, has also hired the firm.

According to court records seen, Voyager’s clients attempted to withdraw funds from the firm after Celsius decided to freeze accounts.

Although Celsius has not declared bankruptcy, the beleaguered lender is facing rising worries about its health. Partnering with Kirkland & Ellis LLP might signal a change in the overall strategy.

The law firm has also been appointed as general insolvency counsel for Voyager Digital in its bankruptcy proceedings, which were filed in the Southern District Court of New York, only days after the company halted trading, withdrawals, and deposits due to liquidity concerns.

Despite continuous fears that the cryptocurrency lender may follow a similar route, Celsius has continued to pay off its loans to decentralized finance (DeFi) lending protocols, recently paying off $20 million in USD Coin (USDC) to Aave.

Peckshield, a blockchain analytics business, picked up the newest loan repayment on Sunday, July 10, publishing an image of the 20 million USDC transfer from a Celsius wallet to Aave Protocol V2.

According to the DeFi monitoring tool Zapper, Celsius still owes Aave roughly $130 million in USDC and $82,500 in Ren (REN), as well as $85.2 million in Dai (DAI) to the Compound protocol, for a total debt of $215 million.

On July 7, the crypto platform paid off its remaining $41.2 million debt to the Maker protocol, freeing up over $500 million in Wrapped Bitcoin (wBTC) collateral.

Paying down debt has been seen positively by Celsius’ depositors, who have been unable to access their crypto assets since withdrawals were suspended on June 13 and fear losing their cash if the firm goes bankrupt.

Last week, cryptocurrency lawyer Joni Pirovich said that Celsius’ repayment of its loan position would eventually benefit its clients by freeing up funds that might be utilized to satisfy customer withdrawal requests.

Pirovich went on to say that even if Celsius declares bankruptcy, repaying its loan position and removing collateral might help its clients.