Celsius Network, one of the world’s largest cryptocurrency lenders, has filed for bankruptcy, in the wake of a flurry of digital asset, custody and lending firms restructuring amid the significant decline in cryptocurrency prices this year. According to the court filing, Celsius oversees between $1 billion and $10 billion in assets, roughly the same in liabilities, and has obligations to over 100,000 creditors. Celsius froze accounts because it believed a run was imminent. Like most historical financial runs, customers who withdrew assets early escaped without loss of principal. However, the remaining customers, and the majority of account holders, are left chasing illiquid and uncertain claims.
Crypto Lender Celsius Files For Bankruptcy in New York
