Failed crypto lender Celsius says it's filing for bankruptcy

• Major cryptocurrency lending firm Celsius Network filed for Chapter 11 bankruptcy Wednesday.
• Celsius froze all withdrawals last month as digital assets plummeted.

Celsius Network $4 on Wednesday — making it the latest high-profile firm to collapse in the ongoing crypto crash.

The troubled crypto lender, which managed $11 billion worth of assets and had around 1.7 million users in May, will undergo restructuring as it tries desperately to stabilize its business.

"This is the right decision for our community and company," Celsius chief executive and co-founder Alex Mashinsky said. "We have a strong and experienced team in place to lead Celsius through this process."

Crypto is suffering a major sell-off this year as investors rotate away from risk assets. $4 and $4 have plummeted 58% and 71%, respectively in 2022.

Celsius $4 on June 13, blaming "extreme market conditions" as major tokens plunged. The exchange $4 last week after suffering massive losses and a liquidity crunch.

Celsius has previously been criticized for offering investors yields up to 14% on tokens such as $4, $4, and its native token $4 — way above interest payable on a savings account or most other traditional investments.
Read more: Web3 experts warn that some crypto platforms, like Celsius, are promising yields that are too good to be true>$4