Crypto lender Celsius Network files for bankruptcy after cash crunch

Celsius, which has more than 100,000 creditors, said it took the step to stabilise its business and work out a restructuring for all stake­holders

Bitcoin, cryptocurrency
An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong on Feb. 17, 2022. Cryptocurrencies have experienced their worst plunge since 2018. (AP Photo/Kin Cheung, File)
Agencies
1 min read Last Updated : Jul 15 2022 | 3:04 AM IST
Cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s bigg­est names and exposed hun­dreds of thousands of individual investors to steep losses. 

Celsius, which has more than 100,000 creditors, said it took the step to stabilise its business and work out a restructuring for all stake­holders. 

The filing was done 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 as high as 18 per cent to depositors before it halted all withdrawals in June amid a panic run by clients.

Going belly up
Celsius has seen a change of -85.81% YTD. It is classified under CoinDesk’s Digital Asset Classification Standard

Celsius Market Cap
$430.51M

Current price
$0.621448

24H chg in price (in %)
-14.14%

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Topics :cryptocurrency

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