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.