The road to insolvency at Celsius, the troubled crypto lender, has taken many twists. Here LizKNapolitano provides a detailed timeline of developments up today.
After a months-long battle with insolvency issues, crypto lender Celsius Network has initiated bankruptcy proceedings. Celsius is the third major crypto company to file for bankruptcy within the past two weeks as plummeting crypto prices buffeted by inflationary pressures and volatile market conditions cause consumer confidence in the industry to nosedive.April 12, 2022: Celsius Network shows its first sign of distress byits U.S.
May, 2022: Algorithmic stablecoin terraUST and sister coin LUNA implode in a $40 billion collapse, disrupting the cryptocurrency market and spurring $300 billion in losses across the cryptocurrency economy. Later, in its bankruptcy filings, Celsius attributes its liquidity woes to “the domino effect” of LUNA’s collapse.in response to “extreme market conditions,” fueling rumors that the platform has become deeply insolvent. The company reveals no timeline to restore user services, stoking fears among the platform’s 1.7 million users that their assets will remain frozen indefinitely.
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