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Celsius CEO Alex Mashinsky in an image from the company's website

Celsius, Large Crypto Firm with Israel Ties, Files for US Bankruptcy

A month after Celsius Network, a cryptocurrency lending platform with millions of users and ties and offices in Israel, suspended all withdrawals in a move that sent a chill across the digital currency industry, the company filed for bankruptcy.

In its statement late Wednesday, July 13, Celsius, which suspended all withdrawals and transfers between accounts in mid-June, said it was seeking to restructure in a way that would maximize value for all stakeholders, and said it had $167 million of cash available to meet urgent needs in the meantime.

Without the freeze on withdrawals, “the acceleration … would have allowed certain customers — those who were first to act — to be paid in full while leaving others behind to wait,” the special committee of the Celsius board of directors was quoted in the statement as saying. (TOI / VFI News)

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