Celsius logo and representation of cryptocurrencies are seen in this illustration taken, on July 7, 2022.US crypto lender Celsius Network said on Wednesday it has filed for bankruptcy, becoming the latest victim in the cryptocurrency sector to wilt under a dramatic plunge in prices.
Crypto lenders boomed during the Covid-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. They, however, tumbled in the recent months following a crash in cryptocurrency prices and the collapse of major token TerraUSD in May. Celsius is not requesting authority to allow customer withdrawals at this time, the company said in a press release on Wednesday, adding that it has filed a series of customary motions with the court to allow it to continue operations in the normal course.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US state regulator says it believes crypto lender Celsius is 'deeply insolvent':Vermont's Department of Financial Regulation (DFR) on Tuesday said it believes cryptocurrency lender Celsius Network is 'deeply insolvent' and does not have the assets and liquidity to honor its obligations to customers and other creditors.The crypto lender has been involved in an unregistered securities off
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Crypto lender Celsius files for bankruptcy:Crypto lender Celsius Network said on Wednesday it has filed for bankruptcy, becoming the latest victim of a dramatic plunge in prices that has shaken the cryptocurrency sector. The U.S. company said it has $167 million in cash on hand, which will provide liquidity to support certain operations during the
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Articles claiming Tharman Shanmugaratnam endorses crypto auto-trading programmes are fake: PoliceSINGAPORE: Have you seen articles on the Internet showing Senior Minister Tharman Shanmugaratnam endorse cryptocurrency auto-trading programmes, and claiming that such programmes can generate massive profits? Those are fake news articles, said the Singapore Police Force on Wednesday (Jul 13). The Also got Lee Hsien Loong
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »