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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

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)
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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
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