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Celsius Network

Celsius Network invites clients to maintain crypto positions

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Celsius Network
  • 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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Celsius Network reports $1.2bn deficit in bankruptcy filing

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Celsius Network
  • Crypto lender Celsius Network files for bankruptcy.
  • Company says it has $1.2bn hole in its balance sheet due to “poor investments” and other losses.
  • It is the third major crypto business to file for bankruptcy this week.
  • All three affected by collapse of crypto asset values and market-wide freezing of credit.

The crypto lender Celsius Network has disclosed a $1.2bn hole in its balance sheet due to “poor” investments and other “unexpected” losses, as described by CEO Alex Mashinsky.

After blocking customer payments in June and seeking US bankruptcy protection this week, Celsius made the announcement. It is the third significant company to file for bankruptcy in recent weeks due to the meltdown of the cryptocurrency markets.

In a 61-page court petition on Thursday, Mashinsky, who co-founded Celsius in 2017, detailed the scope of the New Jersey-based company’s issues. It revealed liabilities of $5.5 billion and assets of only $4.3 billion.

The vast majority of liabilities, $4.7bn, were assigned to users of Celsius. The company’s issues were attributed to a combination of bad bets, market conditions, and an inability to manage its rapid growth, according to the filing.

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U.S. crypto lender Celsius declares bankruptcy

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Celsius Network

Crypto lenders boomed during the COVID-19 pandemic. D depositors with high-interest rates. They, however, tumbled in recent months. Following a crash in cryptocurrency prices. Celsius froze withdrawals and transfers last month. Citing “extreme” market conditions. U.S. crypto loan specialist Celsius Network said on Wednesday it has petitioned for financial protection, turning into the most recent … Read more

Suit alleges fraud against failing cryptocurrency lender Celsius Network

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Celsius Network

Crypto lender Celsius Network is being sued by former manager Jason Stone. Stone says Celsius used customer deposits to rig the price of its own crypto token and failed to properly hedge risk. Celsius froze 1.7 million customers’ accounts in June due to “extreme” market conditions. A previous venture supervisor at Celsius Network sued the … Read more

Crypto lender Celsius may restructure loans & make smart deals

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Celsius

Cryptocurrency lender Celsius Network said it is investigating “strategic transactions” and “restructuring” its obligations. Company banned users from withdrawing digital assets in mid-June. Celsius contacted FTX for a bailout but was rebuffed, according to reports. Cryptocurrency lender Celsius Network said it is investigating “strategic transactions” and “restructuring” its obligations in an effort to mitigate the … Read more

Bitcoin falls below $21,000, as crypto collapse claims another victim

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Bitcoin

Bitcoin and other cryptocurrencies fell from Monday onwards today Binance, the world’s largest cryptocurrency exchange, temporarily paused bitcoin withdrawals on Monday. The Celsius Network, which has 1.7 million customers, announced that “extreme market conditions” have prompted it to temporarily block all withdrawals, crypto exchanges, and account transfers. Bitcoin and other cryptocurrencies fell from Monday onwards … Read more

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