Crypto lending platform Celsius Network and some of its subsidiaries have filed for bankruptcy in a New York court.
The petition has reportedly been filed under Chapter 11 of the US Bankruptcy Code.
The company expects the restructuring to "maximize value for all stakeholders."
According to the company:
"Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilize its business and protect its customers."
Celsius has reported it has $167 million in cash to provide liquidity to support certain operations in the restructuring process.
The company has noted that since the application was filed, most operations on the platform are suspended, but it will continue to operate.
