Celsius Network: crypto firm reveals $1.2bn deficit in bankruptcy filing
by Rob Davies from Technology | The Guardian on (#61EXQ)
Company says it was faced with run on the bank' amid cryptopocalypse' as investors raced to withdraw assets
The cryptocurrency platform Celsius Network was left with a $1.2bn (1bn) deficit after suffering from a digital version of an old-fashioned run on the bank", according to its bankruptcy filing in the US.
Blaming a combination of its own poor decisions, a global cryptopocalypse" and unfavourable media coverage, the company filed for Chapter 11 - a US process that allows companies to trade while restructuring their finances.
Continue reading...