Crypto lender Celsius Network files for bankruptcy

Published

2 years ago

July 14, 2022

Jamila Jalloh

Major U.S. crypto lender Celsius Network has filed for bankruptcy

It’s a bad day for crypto investors as U.S. crypto lender, Celsius Network, files for bankruptcy.

The group becomes the latest victim in the sector to fall under a dramatic plunge in prices.

Its listed assets and liabilities on a consolidated basis between USD$1-10 billion.

It follows another lender, Voyager Digital filing for bankruptcy last week after it suspended withdrawals and deposits.

The pandemic brought about a string of crypto lending.. but have tumbled in recent months following the collapse of Terra USD in May, and a crash of some of the other majors.

It’s understood Celsius has $167 million in cash, which will provide liquid to support operations during the restructure.

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