Crypto lender Celsius Network reveals $1.19 bln hole in bankruptcy filing
— Network, Filed, Hole, Bankruptcy, Crypto, Month, Filing, Market, Access, Reveals — 1 min read
Celsius Network listed a $1.19 billion deficit on its balance sheet in a bankruptcy court filing on Thursday. New Jersey-based Celsius froze withdrawals last month, citing "extreme" market conditions. Celsius also said it had $40 million in claims against Three Arrows Capital, a crypto hedge fund that filed for bankruptcy earlier this month. The lenders' business model came under scrutiny after a sharp crypto market sell-off spurred by the collapse of major tokens terraUSD and luna in May. Another U.S. crypto lender, Voyager Digital Ltd, also froze withdrawals and deposits this month after suspending withdrawals and depositors' access to savings for individual investors and sending tremors through the crypto market. Read more at CNN.com/Celsius Network Source