What is Celsius's role in crypto lending?

As of May, Celsius was one of the largest players in the crypto lending space with more than $8 billion in loans to clients and almost $12 billion in assets under management. The firm would lend customers’ crypto out to counterparties willing to pay sky-high interest rates to borrow it, and Celsius would then split some of that revenue with users.

Does Celsius Network OWN cryptocurrencies?

REUTERS/Dado Ruvic/Illustration Jan 4 (Reuters) - A U.S. bankruptcy judge ruled on Wednesday that Celsius Network owns most of the cryptocurrency that customers deposited into its online platform, meaning most Celsius customers will be last in line for repayment in the crypto lender's bankruptcy.

Why did Celsius go bankrupt?

Celsius was among the first in a series of bankruptcies in the cryptocurrency sector last year as token prices cratered amid rising interest rates and stubbornly high inflation. It filed for bankruptcy shortly after Singapore-based crypto hedge fund Three Arrows Capital and rival crypto lender Voyager Digital did the same.

Does Celsius have secured debt?

The company does not have enough funds to fully repay those deposits, Glenn wrote. The ruling means that most Celsius customers will be lower priority than customers who held non-interest bearing accounts and other secured creditors. It was unclear whether Celsius has significant secured debt.