Is Celsius a crypto bank?

It follows Three Arrows Capital and lender Voyager Digital in seeking financial restructuring after digital currencies plunged in value. Celsius marketed itself as a type of crypto bank, encouraging people to deposit their digital currencies with the firm, and then earning money by either borrowing or lending against the crypto deposits.

Is Celsius Network a bank run?

REUTERS/Dado Ruvic/Illustration/File Photo June 15 (Reuters) - Celsius Network, the retail crypto lending platform whose liquidity problems have sent cryptocurrencies plunging, stumbled on complex investments in the wholesale digital asset market in what analysts say was akin to a traditional bank run.

Did Celsius file for bankruptcy?

"Big crypto lender Celsius files for bankruptcy". TechCrunch. Retrieved July 15, 2022. ^ Celsius (June 13, 2022). "A Memo to the Celsius Community". Medium. Retrieved July 14, 2022. ^ Wilson, Tom; Lang, Hannah; Howcroft, Elizabeth (June 14, 2022). "Crypto contagion fears spread after Celsius Network freezes withdrawals".

Why did Celsius freeze bitcoin?

Celsius posted a memo informing users that it had frozen their assets, sending the price of Bitcoin and other cryptos down along with it. The post read: “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” read the statement.