Celsius is Bankrupt | What next? – Katoch Tubes

Celsius is Bankrupt

Celsius is Bankrupt

What is Celsius?

Celsius is a crypto bank providing lending & borrowing services to the users. It also faciliate swapping & trading cryptocurrencies.

Cause of Failure

Celsius has exposed itself to higher risk by lending huge amount & offering high interest rate i.e 18% to users who deposited cryptos to the platform

Filing for Bankruptcy

Celsisu has filed Chapter 11 in United States Court. It allows the company to restructure away from its creditors, while continuing its existing operations. Loss: $1.2 billion

What will happen to user's fund?

Celsius will continue its operations & users will be able to withdraw the funds as soon as it gets green signal from the US court

Effects on  Celsius token

Celsius token will lose value and may take more time to recover once the situation stabilises & the market recovers.

Other Sinking Ships

Three Arrows Capital, Babel Finance & Coinflex have indicated cash crunch and may soon file for bankruptcy.

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