Crypto lender Celsius to declare Chapter 11 bankruptcy: CNBC

Quick Take

  • Celsius is moving toward filing for Chapter 11 bankruptcy, CNBC reported late Wednesday.

Crypto lender Celsius is preparing to file for Chapter 11 bankruptcy, CNBC reported Wednesday.

The outlet reported that Celsius has begun informing state regulators, who have been investigating the activities of the firm, about the pending filing. 

The development comes days after Celsius tapped Kirkland & Ellis LLP to advise on a potential restructuring. Earlier Wednesday, Celsius moved to pay off its remaining crypto debt to decentralized lending protocols. 

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