Celsius crypto lender files for bankruptcy

– Celsius Networks has filed for Chapter 11 bankruptcy protection.
– Alex Mashinsky, CEO of Celsius, said that the filing is “the right decision for our community and company.”
– Mashinsky also said that he is confident that, in hindsight, this will be seen as a “defining moment” for the company.
– Celsius froze all user withdrawals and transfers about a month ago, citing “extreme market conditions” as the crypto market plunged.
– The company has $167 million in cash on hand.
– A number of other crypto lending platforms also froze withdrawals due to the crypto crash, including Babel Finance and CoinFlex.
– Voyager filed for Chapter 11 in New York last week, and crypto hedge fund Three Arrows Capital filed for bankruptcy and was ordered to liquidate in recent weeks.
– The former head of Celsius key investment strategy sued the company earlier this month, claiming that it operated as “a Ponzi scheme.”

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