Is Celsius in liquidation?

In July 2022, Celsius, a prominent player in the cryptocurrency landscape, made the decision to file for Chapter 11 bankruptcy protection. This move marked a significant setback for the company, which had been facing financial difficulties amidst the broader turmoil in the digital asset market.

The filing came amidst a wave of turmoil in the crypto industry, with several high-profile companies struggling to stay afloat. Celsius' decision to seek bankruptcy protection reflected the challenging conditions faced by many crypto firms at the time.

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One of the major factors contributing to Celsius' downfall was the collapse of TerraUSD, a stablecoin issued by Terraform Labs. The implosion of TerraUSD sparked widespread panic in the crypto market, leading to a steep decline in the value of various digital assets.

As a result of this turmoil, Celsius was unable to meet its financial obligations, prompting it to file for bankruptcy. The move allowed the company to reorganize its finances and potentially emerge from the crisis stronger and more stable.