Crypto lender Celsius preparing to file for bankruptcy: Report

NEW YORK (REUTERS) – Cryptocurrency lender Celsius Network is in the process of filing for Chapter 11 bankruptcy, CNBC reported on Wednesday (July 13), citing a source familiar with the discussions.

The company’s lawyers were notifying individual US state regulators as at Wednesday evening, the report said, adding that Celsius plans to file the paperwork imminently.

Celsius freezed customer accounts last month, blaming “extreme market conditions”, and joins a list of other high-profile crypto bankruptcies including Singapore-based Three Arrows Capital and Voyager Digital.