Illustration by Alex Castro / The Verge
The crypto crash has claimed another corporate victim: Celsius Network has filed for Chapter 11 bankruptcy protection. The crypto lending company’s future has been in question ever since it abruptly halted all withdrawals and transfers exactly one month ago. It now hopes to continue operating with its remaining $167 million in cash while bankruptcy courts restructure the company.
According to Celsius Network’s filing, the company has between $1 billion and $10 billion in assets but owes a similar amount. The five largest claims range between $20 million and $80 million each. The company was valued at $3.25 billion last year, according to Fortune, and managed as much as $24 billion worth of assets before this year’s sell-off. That had…
