Weekly Crypto Roundup: seeking attention, slashed jobs, and sideways momentum
The Hindu
Bitcoin and Ether’s prices aren’t changing quickly, but the crypto and NFT sector certainly is
Crypto proponents have been struggling for years to take their emerging technology mainstream. Now, the crypto sector is the centre of attention, for all the wrong reasons.
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This week, the controversial Celsius Network crypto lending company that froze all user transfers and withdrawals, filed for bankruptcy protection in the USA. A legal document showed that the company had a deficit of close to $1.2 billion.
The company is also planning to use its $167 million in cash on hand to support some operations while it undergoes financial restructuring.
Celsius stated it had around 1.7 million registered users and $6 billion in assets at the start of this month.
“The onset of the “crypto winter” combined with the well-publicised collapse of Luna and the failure of several crypto funds/exchanges led to growing industry-wide reluctance to do business with companies, such as Celsius, that held crypto assets,” stated a legal document signed by Celsius CEO Alex Mashinsky on Thursday.
Several U.S. state regulators are currently investigating Celsius’ activities, and one regulator had said it believed the platform to be “deeply insolvent.”
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