Last night crypto lender Celsius Networks filed for Chapter 11 protection in New York bankruptcy court (court filing here). The company waited a whole month after pausing withdrawals on June 13 before it filed for Chapter 11 protection from creditors.
Alex Mashinsky, Co-Founder & CEO of Celsius appears to be optimistic that the company will emerge from the process. “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 future of the company,” he said in a statement.
Update: Mashinsky filed a statement with the bankruptcy court revealing a $1.2 billion balance sheet hole. It makes shocking reading.
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