Failed crypto lender Celsius says it's filing for bankruptcy
- Major cryptocurrency lending firm
Celsius Networkfiled for Chapter 11 bankruptcy Wednesday.
- Celsius froze all withdrawals last month as digital assets plummeted.
Celsius Network initiated Chapter 11 bankruptcy proceedings on Wednesday — making it the latest high-profile firm to collapse in the ongoing
"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."
Celsius froze all of its customers' accounts on June 13, blaming "extreme market conditions" as major tokens plunged. The exchange Voyager Digital and the crypto hedge fund Three Arrows Capital both also filed for bankruptcy 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 solana, polkadot, and its native token cel — 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
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