Celsius Network has filed for bankruptcy

Celsius Network has filed for bankruptcy

One of the largest players in the cryptocurrency market is bankrupt. It has assets of $4.3 billion and liabilities of $5.5 billion.

Drastic declines in cryptocurrency prices have led to the bankruptcy of one of the world’s largest lenders in the industry. Celsius Network has filed for bankruptcy. Platforms such as Voyager Digital, Babel Finance and Vauld had already decided to take a similar step.

Celsius Network froze asset payments as early as a month ago. The company has decided to file for bankruptcy, but plans to restructure. It has more than 100,000 creditors and has $167 million to help it recover. It has assets of $4.3 billion and liabilities of $5.5 billion.

Through Celsius Network, customers deposited digital currencies at high interest. The company lent them to other traders at an even higher interest rate and earned the difference. This system worked as long as the market was growing rapidly. When it collapsed, billions of dollars evaporated from it.

Source: https://spidersweb.pl/bizblog/celsius-network-bankrutem/



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