NEW DELHI: Amid extremely difficult market conditions, the cryptocurrency lending company Celsius Network, which recently let go of 150 employees, has now filed for bankruptcy in the United States.

The platform said that it voluntarily filed for Chapter 11 bankruptcy in order to give itself the chance to stabilise its operations and complete a thorough restructuring deal that maximises value for all parties.

As of late on Wednesday, Celsius reported having USD167 million in cash on hand, which will be more than enough to fund some activities while the reorganisation process is underway.  The platform's final valuation was USD3.25 billion, and all withdrawals were halted last month.

"If there hadn't been a break, the acceleration of withdrawals "would have allowed certain customers, those who were first to act,  to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they received a recovery."

Alex Mashinsky, Co-Founder and CEO, Celsius, said that this is the appropriate decision for its community and company.  "I am convinced that when we look back on the history of Celsius, we will see this as a defining moment, where acting with steadfastness and confidence served the community and bolstered the company's future," he said.

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