The gloomy scenario predicted by the cryptocurrency market has begun to come true

One of the largest crypto lenders in the world, the Celsius Network, filed for bankruptcy, one of the largest cryptocurrency lenders in the world, the Celsius Network, which froze billions of dollars’ worth of client assets in June, filed for bankruptcy, the Financial Times writes.

Thus, the gloomy scenario for this market, predicted by experts in June, began to come true.

This happened after Celsius suspended withdrawals, swaps and transfers on its platform in June to stabilize the business and protect customers, according to a press release.

Bitcoin from TradingView, the company said that if they had not restricted withdrawals, they would have faced a massive withdrawal of deposits.

Assets under the order of Celsius amount from one to ten billion dollars, the same amount is accounted for by liabilities, the number of clients is more than 100 thousand.

Earlier it was reported that the prolonged downturn in the cryptocurrency market makes it difficult for some miners to repay loans worth up to four billion dollars. This creates a potential risk for large crypto lenders.