BREAKING: Celsius reportedly filed for bankruptcy 'imminent'

An anonymous source told CNBC that the company plans to file bankruptcy paperwork "immediately".

BREAKING: Celsius reportedly filing for bankruptcy 'imminently' New

Crypto lending platform Celsius has reportedly filed for Chapter 11 bankruptcy, with its attorneys beginning to notify US state regulators as of Wednesday, July 13.

The news was reported by CNBC and referred to an anonymous source, who asked not to be named as the proceedings were private. They said the company plans to file the Chapter 11 documents "immediately."

This comes just days after the struggling lending platform replaced its previously hired law firm Akin Gump Strauss Hauer & Feld LLP with Kirkland & Ellis LLP, the same firm that helped Voyager Digital file his record last week.

Earlier today, Celsius closed the last of its DeFi debt owed to Compound, Aave and Maker, reducing its initial $820 million debt to just $0.013 over the course of a month.

Still unknown, however, will be the fate of depositors who still have their assets locked up on the lending platform. Neither the company nor its CEO Alex Mashinsky has made any public comments on whether depositors will receive a percentage of their funds.

On Tuesday, the Vermont Department of Financial Regulation (DFR) issued a warning against the struggling crypto lending firm...

BREAKING: Celsius reportedly filed for bankruptcy 'imminent'

An anonymous source told CNBC that the company plans to file bankruptcy paperwork "immediately".

BREAKING: Celsius reportedly filing for bankruptcy 'imminently' New

Crypto lending platform Celsius has reportedly filed for Chapter 11 bankruptcy, with its attorneys beginning to notify US state regulators as of Wednesday, July 13.

The news was reported by CNBC and referred to an anonymous source, who asked not to be named as the proceedings were private. They said the company plans to file the Chapter 11 documents "immediately."

This comes just days after the struggling lending platform replaced its previously hired law firm Akin Gump Strauss Hauer & Feld LLP with Kirkland & Ellis LLP, the same firm that helped Voyager Digital file his record last week.

Earlier today, Celsius closed the last of its DeFi debt owed to Compound, Aave and Maker, reducing its initial $820 million debt to just $0.013 over the course of a month.

Still unknown, however, will be the fate of depositors who still have their assets locked up on the lending platform. Neither the company nor its CEO Alex Mashinsky has made any public comments on whether depositors will receive a percentage of their funds.

On Tuesday, the Vermont Department of Financial Regulation (DFR) issued a warning against the struggling crypto lending firm...

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