.CelsiusNetwork filed for Chapter 11 Bankruptcy protection on Wednesday as it seeks to restructure. GregAhl reports.
“Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilize its business and protect its customers.
“This is the right decision for our community and company,” said Alex Mashinsky, Celsius cofounder and CEO. “We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.
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