The price collapse in the cryptocurrency market had a significant impact on Celsius Network. The business was forced to halt all platform operations, including withdrawals and trading. This action is being taken to best manage and direct the issue.
The cryptocurrency, which was on the verge of bankruptcy due to the numerous financial problems it was experiencing, made the decision to implement a plan that might just help it get back on its feet. Indeed, in order to stay afloat, Celsius and its cryptocurrency CEL announced the beginning of a financial restructuring.
The business and its subsidiaries sued in New York bankruptcy court as part of the restructuring. Several voluntary applications for reorganization have been submitted under Chapter 11 of the United States Bankruptcy Code. With its $167 million in cash, Celsius intends to survive in the interim.
