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Celsius bankruptcy signals more pain for users with frozen funds

The crypto exchange paused withdrawals in June and has now officially filed Chapter 11. Meanwhile, users' money is still stuck in limbo with no end in sight.

Input

Benzinga Before The Bell: Tesla's AI Exec Quits, Hyundai Unveils Ioniq 6 EV, Taiwan Semiconductor's Massive Q2 Profit Surge And Other Top Financial Stories Thursday, July 14

CNBC United Airlines, Pilots’ Union To Improve Agreement By Renegotiating

Benzinga

Celsius Network files for bankruptcy amid continued crypto woes

Crypto lender Celsius Network has filed for bankruptcy as it becomes the latest victim of the Bitcoin price crash.

Evening Standard

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Crypto Platform Celsius Files for US Bankruptcy

Cryptocurrency investment platform Celsius announced on Wednesday that it had filed for bankruptcy in the US, a month after it froze withdrawals from its platform, in the latest sign of an industry in turmoil. In its statement, Celsius, which suspended withdrawals in mid-June, said it was seeking to restructure in…

Asharq Al-Awsat

Crypto lender Celsius files for bankruptcy

NEW YORK: US crypto lender Celsius Network said on Wednesday it has filed for bankruptcy, becoming the latest victim in the cryptocurrency sector to wilt under a dramatic plunge in prices.

Bangkok Post

Inside Celsius: how one of crypto’s biggest lenders ground to a halt

Former employees and internal documents suggest a reckless pursuit of high returns put the company in a poor position to ride out this year’s market turbulence

Financial Times

Celsius Network: cryptocurrency lender files for bankruptcy

Company enters Chapter 11 process as fallout continues from collapse of global cryptocurrency networks

The Guardian - AU

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TechScape: Uber’s easy ride is over

Why the tech giant’s aggressive approach to growth may only encourage future startups. Plus: the latest in Elon’s Twitterverse

The Guardian - UK

‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash

Fuelled by hype and hysteria, the market in bitcoin and other cryptocurrencies went from an obscure niche to a $3tn industry. Then the house of cards collapsed

The Guardian - UK

Celsius weighs bankruptcy filing as crypto trader crisis grows

Beleaguered crypto lender Celsius Network is exploring a possible bankruptcy filing as it becomes the latest victim of the crash in the sector.

Evening Standard

Voyager Digital is the next domino to fall in crypto’s brutal wipeout

Stephen Ehrlich, the company's CEO noted that "volatility in the crypto markets" has forced his hand as the company filed for Chapter 11 bankruptcy.

Input

Crypto lender Vauld freezes withdrawals, eyes restructuring

Vauld, a crypto lender backed by Coinbase Inc, said it froze withdrawals and hired advisers to explore a potential restructuring, joining rivals from Celsius Network to Babel Finance in resorting to last-ditch measures to survive the market rout.

Bangkok Post

FTX Bails Out BlockFi, Has Option To Purchase For Up To $240 Million: What You Need To Know

After numerous days of conflicting reports leaving BlockFi investors and crypto watchers on edge, company CEO Zac Prince took to Twitter on Friday to announce that FTX signed a deal to bail out the embattled crypto firm.

Benzinga

Benzinga Before The Bell: Kohl's Deal Talks Cancellation, Tesla's Racial Discrimination Lawsuit, Nio's Strong June Deliveries And Other Top Financial Stories Friday, July 1

CNBC Why Kohl’s Shares Are Plunging Today

Benzinga

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Asharq Al-Awsat

Crypto Lending World Sways under Risk and Turmoil

Starting with the lofty goal of competing with traditional banks, cryptocurrency lending giants and their clients now face financial ruin due to their appetite for risk and a paucity of regulatory guardrails. Celsius Network, which suspended withdrawals in mid-June, had advertised a seemingly difficult-to-reconcile mix of interest rates, charging just…

Benzinga

Celsius' Lead Investor Suggests Most Influential Bitcoin Whales Co-Invest As Part Of Recovery Plan

BnkToTheFuture, a lead investor in beleaguered cryptocurrency lending platform Celsius, has put forth three proposals to save the company from going under. What Happened: On Friday, CEO of BkToTheFuture Simon Dixon shared the Depositor's First Celsius Recovery Plan in a post on Twitter.

Benzinga

Crypto Lender Celsius Exploring All Options After FTX Rejects Acquisition Deal

Celsius, the disaster-stricken cryptocurrency lender, has assured its community that it was exploring all the options available to stabilize liquidity and operations.

Benzinga

Sam Bankman-Fried's FTX Isn't Taking Bad Debt: Walks Away From Celsius Acquisition

FTX CEO Sam Bankman-Fried is taking a bullish stance amid the “great depression” of cryptocurrency. Instead of joining the list of peers hedging losses by slashing workforces by upwards of 20%, FTX is on a mergers and acquisitions tear, acquiring three firms this year alone.

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Benzinga

Celsius Denies Claims That CEO Alex Mashinsky Attempted To Flee From The US To This Country

Celsius (CRYPTO: CEL) has denied the reports that its CEO Alex Mashinsky attempted to flee from the United States, but was halted by authorities.

The Guardian - UK

Three Arrows Capital to become latest casualty of crypto crash

Crypto hedge fund facing collapse after claims of $650m default on loan to Voyager bank

Bangkok Post

3AC defaults on loan worth $670m

Three Arrows Capital (3AC), a prominent crypto hedge fund, defaulted on a loan worth over US$670 million, prompting a steep fall in Bitcoin's price to below $21,000.

Benzinga

Goldman Sachs Seeking To Buy Celsius Assets If It Goes Bankrupt: Report

With a significant downturn in the crypto market and extreme market conditions, Celsius Network suspended withdrawals from its platforms last week.

Benzinga

Could PepsiCo Buy Out Celsius Holdings Or Monster Beverage? Why M&A In Energy Drinks Market Is Heating Up

As beverage companies compete to grow their non-carbonated drinks divisions, energy drink companies have often been subject to buyout rumors. A terminated distribution agreement between an energy drink company and a leading beverage company is leading to more merger and acquisition speculation in the industry.

The Guardian - UK

Electricity used to mine bitcoin plummets as crypto crisis widens

Consumption down by third since 11 June, with even sharper falls among other cryptocurrency networks

The Hindu

Crypto came tumbling after

As crypto assets are digital assets, the rate of return is sensitive to changes in the global liquidity conditions

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