Crypto lender Celsius Network files for bankruptcy after cash crunch

Cryptocurrency lender Celsius Network filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s bigg­est names and exposed hun­dreds of thousands of individual investors to steep losses. 

Celsius, which has more than 100,000 creditors, said it took the step to stabilise its business and work out a restructuring for all stake­holders. 

The filing was done in the Southern District of New York. 

The company, one of the largest cryptocurrency lenders, had amassed more than $20 billion in assets by offering interest rates as high as 18 per cent to depositors before it