Celsius feels the heat as crypto lender files for bankruptcy
Cryptocurrency lender Celsius Network has become the latest big name to fall victim to a global downturn in digital asset values.
Celsius Network last night filed for bankruptcy by submitted a Chapter 11 protection order with New York authorities in a last-ditch bid to stabilise and restructure the business.
It will come as a blow to the crypto industry, where Celsius is regarded as one of the most respected lending companies with more than 100,000 creditors and held upwards of $20 billion in assets before a run last month forced bosses to suspend withdrawals.
In a company statement, Celsius said its liabilities and assets were between $1bn and $10bn.
“We have a strong and experienced team in place to lead Celsius through this process,” said Alex Mashinsky, chief executive and founder.
“I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”