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Embattled Crypto Lender Celsius Finally Files for Bankruptcy

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Alex Dovbnya

Celsius depositors have been dealt another blow

Cryptocurrency lender Celsius has officially filed for bankruptcy, The Guardian reports.

The company unexpectedly froze withdrawals on June 14, triggering more panic in the cryptocurrency market due to very extreme market conditions. This led to a collapse in the value of the token.   

As of now, the beleaguered firm has $167 million worth of cash on hand, which will allow it to operate during the restructuring process.

Cryptocurrency exchange FTX reportedly passed on a deal to acquire Celsius due to the atrocious state of its finances.

As reported by U.Today, securities regulators from Texas and Alabama started investigating the embattled cryptocurrency lender.

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