Israeli crypto firm Celsius files for bankruptcy
Cryptocurrencies have plummeted in value this year.
![Celsius logo.](/sites/default/files/styles/article_hero_medium/public/2022-07/Screen%20Shot%202022-07-14%20at%202.37.57%20PM.png?h=ca3aa0e6&itok=yax5yyoR)
The Israeli cryptocurrency company Celsius has filed for bankruptcy, becoming the latest casualty in the worldwide cryptocurrency crash.
The New Jersey-based, Israeli-founded firm filed for bankruptcy in New York City yesterday. Celsius said in a statement that the decision will "provide the Company with the best opportunity to stabilize the business (and) consummate a comprehensive restructuring transaction that maximizes value for all stakeholders.”