Friday, August 12, 2022
HomeFinanceCrypto lender Celsius Network files for bankruptcy after cash crunch

Crypto lender Celsius Network files for bankruptcy after cash crunch

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


Current price


24H chg in price (in %)


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