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Celsius Starting Bankruptcy Proceedings: Report

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Crypto lender Celsius Network has started Chapter 11 bankruptcy preparations, CNBC reported Wednesday, citing a person familiar with the discussions.

  • Celsius lawyers were notifying U.S. state regulators Wednesday evening, and Celsius plans to file paperwork “imminently,” the person told CNBC.

Read More: Celsius Pays Off Last DeFi Loan, Reclaims Nearly $200M of Wrapped Bitcoin From Compound

Read more: Celsius is ‘Deeply Insolvent,’ Alleges Vermont Department of Financial Regulation