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

Crypto lender Celsius Network has filed for bankruptcy protection

Celsius had paused withdrawals  and transfers between the accounts last month, blaming extreme market conditions, 

Stare securities regulators in New Jersey, Texas and Washington had stepped into the investigate the crypto lender's decision.

Celsius which has $167 million cash on hand said it took the step to stabilIze iTs business and woRk out a restrict for all stakeholders 

Celsius was not requesting authority to allow customer withdrawals at this time, the company said in a press release.

Crypto Lender Celsius Network filed for Chapter 11 bankruptcy, a month after it froze customers' withdrawals

"Co-Founder and Ceo alex mashinsky said in a statement that the move would strengthen the future of the company"