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Celsius files for bankruptcy as crypto winter turns brutal

The crypto lending platform’s business model became untenable as digital currency prices collapsed

CEO Alex Mashinsky says move 'is the right decision for our community and company'
CEO Alex Mashinsky says move 'is the right decision for our community and company' Photo: Bruno de Carvalho/Getty Images

Cryptocurrency lender Celsius Network filed for bankruptcy protection on 13 July, a month after halting withdrawals in the wake of a collapse in digital currency prices that stretched the platform’s business model past the breaking point.

The chapter 11 filing in New York follows weeks of market speculation about Celsius, which built itself into one of the biggest cryptocurrency lenders on a pitch that it was less risky than a bank, and with better returns for its customers.

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