Due to the decline in the cryptocurrency market, many crypto-focused companies have started to flag bankruptcy. Starting with crypto hedge fund Three Arrows Capital, filings for bankruptcy have extended to Crypto lending platform Celsius Network. Celsius Network, which stopped its customers’ withdrawals in the past months, has filed for bankruptcy this time.
Celsius Network Files For Bankruptcy Too
The decline in the crypto market has affected many crypto companies. Many companies began to file for bankruptcy. Finally, one of these companies was Celsius Network.
Celsius Network, which has filed 11 bankruptcy filings in the Southern District of New York, said in a statement that it voluntarily filed for bankruptcy to provide an opportunity to stabilize its business and complete a comprehensive restructuring that maximizes value for all stakeholders.
To restructure the firm, Celsius Network had hired lawyers from Kirkland & Ellis law firm Akin Gump Strauss Hauer & Feld LLP in recent weeks. Celsius Network also cleared its previous debts from Aave and Maker, and paid off its debt to Compound, freeing itself from a significant burden.
27188
