President Subianto's aircraft was met by a ceremonial escort of military jets upon entering UAE airspace
uae3 hours ago
Cryptocurrency investment platform Celsius announced on Wednesday that it had filed for bankruptcy in the US, a month after it froze withdrawals from its platform, in the latest sign of an industry in turmoil.
In its statement, Celsius, which suspended withdrawals 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.
In the United States, Chapter 11 allows a company that is unable to pay its debts to restructure away from its creditors, while continuing its current operations.
"This is the right decision for our community and company," said Alex Mashinsky, co-founder and CEO of Celsius.
"I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company."
Last week, cryptocurrency lending specialist Voyager Digital also filed for bankruptcy.
Other companies have suspended withdrawals, such as CoinFlex and Babel Finance, due to a lack of cash.
Singaporean investment firm Three Arrows Capital is in liquidation.
Such companies were attempting to muscle in on banks by lending money and earning interest on deposits, but they are suffering from the sharp decline in cryptocurrencies in a market that is not keen on risky bets.
Before suspending withdrawals, Celsius Network offered interest rates of over 18 percent for savers, but 0.1 percent for borrowers.
Celsius was one of the largest players in the sector. It reported having 1.7 million customers in June.
Cryptocurrency bitcoin has lost more than half its value since the beginning of the year and is currently trading at just over $20,000. It was worth nearly $69,000 at its peak in November 2021.
ALSO READ:
President Subianto's aircraft was met by a ceremonial escort of military jets upon entering UAE airspace
uae3 hours ago
The event encouraged participants to engage in physical fitness and social interaction
uae3 hours ago
These diverse exhibitions promise to provide meaningful insights into the country's rich cultural heritage, offering something for visitors to enjoy
uae3 hours ago
The Dubai-born golfer will next compete for a coveted PGA Tour card at next month's Final Stage in Florida
sports3 hours ago
'These modern features are designed to improve traffic and security operations, elevate fieldwork quality, ensure high responsiveness', a top official said
transport3 hours ago
The night market is located near major hotels in Deira, and visitors can also enjoy free entertainment from different Filipino singers and comedians
uae4 hours ago
It will be humid by night and Sunday morning with a probability of fog or mist formation over some internal areas
weather5 hours ago
The Dubai Maritime Authority is responsible for issuing licences related to all marine activities in the emirate
life and living6 hours ago