U.S. state regulator says it believes crypto lender Celsius is 'deeply insolvent'
— Network, Reuterscom, Believes, Lender, Obligations, Deeply, Insolvent, Read, Celsius, Securities — 1 min read
Vermont's Department of Financial Regulation said it believes Celsius Network is "deeply insolvent" and does not have assets and liquidity to honor its obligations to customers and other creditors. The state agency said it has now joined a multistate investigation of Celsius. Celsius froze withdrawals and transfers last month, leaving its 1.7 million customers unable to redeem their assets. The retail crypto lending platform later said it was exploring options including deals and restructuring its liabilities. Several state securities regulators in Alabama, Kentucky, New Jersey, Texas, Texas and Washington are investigating Celsius's decision to suspend customer redemptions. Read more at CNN.com/Celsius Network: State securities regulators join a mult-state investigation into Celsius.com.com for more information. Source