Crypto lender, Celsius Network said it had filed for bankruptcy in New York, becoming the latest victim in the cryptocurrency sector of a dramatic plunge in token prices.
New Jersey-based Celsius froze withdrawals last month, citing “extreme” market conditions, cutting off access to savings for individual investors, and sending tremors through the crypto market.
The company stated that the bankruptcy filing aims to provide the company with the opportunity to stabilize its business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders.
– Newsbitcoin