Celsius Network was the latest cryptocurrency firm to experience the worst of the current crypto winter. Last week the firm revealed a gaping $1.2 billion hole in its balance sheet when it filed for Chapter 11 bankruptcy in New York. Filing for bankruptcy was a way for the business to safeguard itself while strategizing a restructuring plan. The filing documents showed that Celsius has liabilities of $5.5 billion. Most of this, or a staggering $4.7 billion, is owed to their clients. However, in light of its court hearing, the company has disclosed its restructuring plans. JUST IN: Celsius Network plans to offer customers an option to "recover either cash at a discount or remain 'long' in crypto." — Watcher.Guru (@WatcherGuru) July 18, 2022 Security Measures For Celsius Network The business has acknowledged that it has broken from most positions where it has borrowed money and given third parties collateral. Additionally, they disclosed that the majority of the keys to their crypto assets are kept on Fire Blocks and that the company does not rely on other parties to keep their keys. Furthermore, Celsius has paused all new loans, customer-to-customer coin transfers, and currency swaps. Also, it ceased liquidating debts and halted all loan accounts. Future Restructuring Steps Even though Celsius’s mining division has declared bankruptcy, it is still in operation. Forty-three thousand of the almost 80,000 mining rigs below Celsius...
