Celsius’ plan to mine its way out of bankruptcy met with scepticism

Celsius Network’s Chapter 11 proceedings have revealed that the bankrupt crypto lender suffered total asset losses of US$17.8bln since March 30, predominantly driven by a US$12.3bln decline in market value of held assets. Documents filed before the New York Bankruptcy Court on July 18 show that user withdrawals measured US$1.9bln, while stablecoin Tether liquidated a US$900mln position opened by the platform.