Crypto lender Celsius files for bankruptcy as crash deepens

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Good morning. 

The crypto winter just got a little bit chillier as lender Celsius Network filed for Chapter 11 bankruptcy protection in New York.

The crypto lender said it took the step to stabilise its business and work out a restructuring. Last month it halted all withdrawals amid a run on deposits.

Celsius, which has more than 100,000 creditors, said it has assets and liabilities anywhere between $1bn and $10bn.

It’s the latest victim of a $2 trillion crypto crash that has wiped out some of the sector’s biggest names and exposed hundreds of thousands of investors to heavy losses.

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What happened overnight 

Hong Kong stocks rose slightly this morning, with the Hang Seng Index inching up 0.1pc.

The Shanghai Composite Index slipped 0.2pc, while the Shenzhen Composite Index on China’s second exchange also dropped 0.2pc.

Tokyo stocks opened lower following moderate losses on Wall Street. The benchmark Nikkei 225 index dwindled 0.6pc in early trade, while the broader Topix index lost 0.7pc.

Coming up today

  • Economics: Jobless claims (US), producer price index (US)
  • Corporate: Ashmore Group, Barratt Developments, Dr Martens, Experian, Hays, Rio Tinto, Severn Trent (trading update)

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