Crypto lender Celsius Network files for bankruptcy after cash crunch

business-standard.com:

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

$430.51M

Current price

$0.621448

24H chg in price (in %)

-14.14%

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to