Will Celsius's collapse lead to more pain for crypto investors?

Crypto investors fear the possible collapse of Celsius may lead to even more pain for a market that was already on shaky ground after the demise of $60 billion stablecoin venture Terra. Celsius was an investor in Terra, but says it had “minimal” exposure to the project. Celsius did not return multiple CNBC requests for comment.

How much money does Celsius have in cash on hand?

The firm had another $8 billion in client loans, making it one of the world’s biggest names in crypto lending. Now, Celsius is down to $167 million “in cash on hand,” which it says will provide “ample liquidity” to support operations during the restructuring process.

What happened to Celsius Network (cel)?

Celsius Network (CEL) announced on July 13 that it filed for Chapter 11 bankruptcy after a month of turmoil. The embattled crypto lender made headlines last month after freezing customer accounts, citing “extreme market conditions.”

Why did Celsius froze customers?

The Hoboken, New Jersey-based company made headlines a month ago after it froze customer accounts, blaming “extreme market conditions.” It had attracted 1.7 million customers and $11.8 billion in deposits as of June. Celsius customers have told CNBC they were drawn in by a 17% yield the company was offering on crypto deposits.