Celsius initiated bankruptcy proceedings earlier this summer after freezing users withdrawals on its platform in June due to “extreme market conditions.” Trouble began for the firm when spooked retail investors rushed to withdraw their assets from Celsius’ platform, precipitating a bank run-like situation at the exchange, following May’s crash of Terra and its LUNA token, which plunged bitcoin to a third of its previous all-time high value of almost $69,000.
Source: https://www.coindesk.com/policy/2022/09/14/judge-approves-independent-examiner-in-celsius-bankruptcy-case/?utm_medium=referral&utm_source=rss&utm_campaign=headlines