Embattled cryptocurrency lending company Celsius has begun the process of filing for Chapter 11 bankruptcy protection in the US according to a report by CNBC.
The report cites an unnamed source as revealing that the company’s lawyers have been notifying individual US state regulators of the plan.
Celsius was among a group of crypto companies to put a freeze on customer accounts last month amid “extreme market conditions” as the global cryptocurrency values crashed.
Issued a statement on Wednesday saying it is looking to restructure in a way “that maximizes value for all stakeholders.”
