Caisse-backed crypto company Celsius Network files for bankruptcy protection

Celsius Network Ltd. has filed for bankruptcy protection, claiming a restructuring will help the cryptocurrency lender stabilize and reorganize its business as tokens such as bitcoin plunge to multiyear lows and investors take stock of the convoluted web of connections between troubled crypto companies.all transactions and withdrawals between its nearly two million customers, citing “extreme market conditions.

Caisse initially defended Celsius when the company halted transactions on June 13. “Celsius is taking proactive action to uphold its obligations to its customers and has honoured its obligation to its customers to date,” spokesperson Kate MonfetteIn an interview on Thursday, Ms. Monfette declined to answer whether the Caisse’s equity investment will be wiped out by Celsius’ bankruptcy motion.

Celsius has not responded to repeated requests for comment, causing speculation about what exactly forced the company to freeze its customers’ accounts.

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