Celsius Files For Bankruptcy

Crypto lending platform Celsius Network and some of its subsidiaries have filed for bankruptcy.

The application was filed in a New York court in accordance with Chapter 11 of the US Bankruptcy Code. The company noted that it was a difficult but necessary decision.

Celsius added that the company has $167 million in cash to provide liquidity and to support certain operations in a future restructuring process.

Since the application, most of the operations on the platform have been suspended but will be resumed in the future.

Earlier, BitBoy Crypto founder Ben Armstrong said he intends to file a class action lawsuit against lending platform Celsius and its CEO.

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