Company says it was faced with ‘run on the bank’ amid ‘cryptopocalypse’ as investors raced to withdraw assets
The cryptocurrency platform Celsius Network was left with a $1.2bn (£1bn) deficit after suffering from a digital version of an old-fashioned “run on the bank”, according to its bankruptcy filing in the US.
Blaming a combination of its own poor decisions, a global “cryptopocalypse” and unfavourable media coverage, the company filed for Chapter 11 – a US process that allows companies to trade while restructuring their finances. Continue reading...
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