Crypto lender Celsius Network files for bankruptcy after cash crisis



Cryptocurrency lender Celsius Network has filed for Chapter 11 bankruptcy, the latest victim of a $2 trillion crash that wiped out some of the biggest names in the industry and exposed hundreds of thousands of people. individual investors at heavy losses.

Celsius, which has more than 100,000 creditors, said it has taken steps to stabilize its business and work out a restructuring for all stakeholders.

The filing was made in the Southern District of New York.

The company, one of the largest cryptocurrency lenders, had amassed more than $20 billion in assets by offering interest rates of up to 18% to depositors before halting all withdrawals in June amid of a customer panic.

Go belly up

Celsius has experienced a variation of -85.81% since the beginning of the year.

It is classified in CoinDesk’s Digital Asset Classification Standard

Celsius Market Cap

$430.51 million

Current price

$0.621448

24H price evolution (in %)

-14.14%

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