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

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Crypto lender Celsius Network has filed for bankruptcy protection [{ "selector": ".ntbzf-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 155px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".pgomc-a", "duration": "500ms", "fill": "forwards", "delay": "1000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Celsius had paused withdrawals and transfers between the accounts last month, blaming extreme market conditions, [{ "selector": ".dinrq-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-280px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".rqmxo-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".wsoww-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Stare securities regulators in New Jersey, Texas and Washington had stepped into the investigate the crypto lender's decision. [{ "selector": ".fdmrb-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-280px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".atjpd-a", "duration": "500ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

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

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Celsius was not requesting authority to allow customer withdrawals at this time, the company said in a press release. [{ "selector": ".xftsz-a", "duration": "500ms", "fill": "forwards", "delay": "1000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".dqfap-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 199px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".etcuf-a", "duration": "500ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".nedai-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-228.26999999999998px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

Crypto Lender Celsius Network filed for Chapter 11 bankruptcy, a month after it froze customers' withdrawals [{ "selector": ".eplqz-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-199px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".fqmgf-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".ltjzm-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-370px) scale(0.15)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0) scale(1)", "opacity": "1"} ] }, { "selector": ".fdklt-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 116px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

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

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