- Celsius Network’s assets under management have dropped to $4.3bn, down from $22.
- The company halted customer withdrawals in June due to a decline in the value of digital currencies.
- Monday was the company’s first day in court after filing for bankruptcy.
Celsius Network, the indebted cryptocurrency lender that shook the markets in June when it blocked customer withdrawals, intends to ask creditors to place a second wager on digital assets in order to recover their investments.
Monday was the company’s first day in court after filing for Chapter 11 bankruptcy in New York last week.
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In a presentation uploaded to its bankruptcy website, Celsius Network stated that it intended to provide clients with the opportunity “to recover either cash at a discount or remain ‘long’ crypto,” implying that creditors would be permitted to maintain their original positions.
The presentation also revealed that Celsius’s assets under management had dropped to $4.3bn, down from $22.1bn at the end of March, primarily due to a precipitous decline in the value of its crypto holdings.
The company’s assets fall short by $1.2 billion, according to its court petition. A month ago, Celsius halted customer withdrawals in response to a decline in the value of the leading digital currencies.
