The price of the Celsius Network (CEL) crypto lending platform token rose 58.7% in the past day, according to data from CoinGecko.

On June 13, Celsius suspended withdrawals, clearing and transfers between accounts “due to extreme market conditions”. Against this background, the CEL platform token dropped from $0.475 to $0.09. At the time of writing, the asset’s bids have risen to around $0.53.

An analyst nicknamed DeFiyst noted that the Celsius team has strengthened its debt position in three key areas.

In the Maker DAO, the platform increased the amount of collateral, raising the cash clearing price to $14,000 per wBTC. Celsius also increased the ETH collateral of stETH tokenized assets on the Aave protocol and paid off 2.4 million USDC of debt.

The expert pointed out the platform’s key positions in Compound, worth 14,000 BTC and 87,000 ETH (about $420 million in total). DeFiyst also noted that the central crypto lending service accounts for 47% of all DAI and 25% of USDC borrowed on the DeFi protocol.

According to The Wall Street Journal, Celsius hired lawyers from Akin Gump Strauss Hauer & Feld for possible financial restructuring amid the problems. But sources said that initially the platform was looking for “possible options to raise capital from investors.”

“Celsius is working as fast as possible and will share information as needed. Acting in the best interests of the community remains our top priority,” he said.

Recall that the fall of CEL coincided with the collapse of the entire cryptocurrency market. On Monday, bitcoin price dropped below $23,000, with Ethereum prices failing at $1,200.

According to industry participants, the crypto market was affected by macroeconomic conditions, not Celsius’s problems.