Celsius crypto firm files for Chapter 11 bankruptcy protection
Celsius had filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.
The company said it would continue to operate, noting it has $167 million in cash on hand, which will provide ample liquidity to support certain operations during the restructuring process but said that it was not requesting authority to allow customer withdrawals at this time. Customer claims will be addressed through the Chapter 11 process.