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Crypto Lender Celsius Files For Bankruptcy After Cash Crunch
Firm said pausing withdrawals was ‘difficult but necessary’. Lender is one of many crypto firms suffering in bear market
Harshvardhan
5:49 14th Jul, 2022
Markets

Celsius Network LLC is a cryptocurrency loan company that offers interest-bearing savings accounts, borrowing, and payments with digital and fiat assets. It operates on an economic model that challenges conventional banking models while prioritizing the Celsius community.

Chapter 11, the debtor negotiates with creditors to alter the terms of the loan without having to liquidate (sell off) assets.

As reported earlier, Celsius had informed state regulators that it is imminently filing for bankruptcy, the company’s lawyers were notifying individual U.S. state regulators as of Wednesday evening.

A twitter user tweeted that "Celsius filed for chapter 11 bankruptcy."

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