Celsius Network is a cryptocurrency lending firm headquartered in New Jersey. Though it maintained its offices in four countries, the company’s operation was global. Celsius allowed users to deposit different crypto assets while offering a percentage yield as a reward. Also, customers could get loans from the platform through a pledge of some digital assets as securities. Many crypto-related firms were affected during the severe crypto winter in the first half of 2022. The collapse of the algorithmic stablecoin Terra and its ecosystem magnified the crisis in the crypto space. Celsius was one of the struggling firms that experienced a more significant impact from the situation. Related Reading: Ep01- Dr. Ruja – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast The company could not survive the heat of the prolonged bearish trend. According to some industry participants, the lending firm had to struggle more due to its outrageous rates on yields. Subsequently, it became bankrupt, stopped all withdrawals on its platform, and filed for Chapter 11 bankruptcy protection. SBF To Bid For Celsius Assets Following insolvency, a reporting source disclosed that Celsius assets are up for bidding. According to the report, the founder and CEO of FTX crypto exchange, Sam Bankman-Fried, plans to participate in bidding for the assets. Despite the overall crypto market decline today, the native token of Celsius, CEL, surged by 10...
