Major Cryptocurrency Outfit Files For Bankruptcy

Reuters reports:

U.S. crypto lender Celsius Network said on Wednesday it had filed for bankruptcy in New York, becoming the latest victim in the cryptocurrency sector of a dramatic plunge in token prices.

New Jersey-based Celsius froze withdrawals last month, citing “extreme” market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market.

In a court filing at the U.S. Bankruptcy Court for Southern District of New York, Celsius estimated its assets and liabilities as between $1 billion to $10 billion, with more than 100,000 creditors. The company has $167 million in cash on hand.

Read the full article. Another major crypto outfit, Voyager Digital, filed for bankruptcy last week.

Major crypto lender Celsius files for bankruptcy https://t.co/gjG0Sn2q8m pic.twitter.com/b4ANseSOHb

— Reuters (@Reuters) July 14, 2022