Celsius Network Filed For Bankruptcy!

Arrow

Crypto company Celsius has started the process of filing for Chapter 11 bankruptcy protection after a month of turmoil.

Celsius said it would look to stabilize its business by restructuring in a way “that maximizes value for all stakeholders.”

The platform said it has $167 million in cash on hand to support operations in the meantime.

This is the right decision for our community and company, I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company - Alex Mashinsky, co-founder and CEO of Celsius