Crypto lender Celsius Networks has filed for Chapter 11 bankruptcy protection, MarketWatch reported.
The embattled crypto lender has also repaid
Celsius co-founder and Chief Executive Alex Mashinsky on Wednesday said the bankruptcy filing "is the right decision for our community and company."
The embattled crypto lender made the filing in the U.S. Bankruptcy Court for the Southern District of New York.
"I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the company's future," he said.
The bankruptcy filing makes it the latest victim in the cryptocurrency sector to collapse under a dramatic price plunge.
According to the court filing, the New Jersey-based crypto lender listed estimated assets and liabilities on a consolidated basis in the range of $1 billion to $10 billion.
Celsius had positioned itself in the market by promising more than 18% in...
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