Temperatures Rise at Celsius

The crypto winter of 2022 has claimed several casualties so far, but as of late, there’s one name that’s on everyone’s lips: Celsius Network, the crypto lender that’s now trying to save its skin through Chapter 11 bankruptcy. As prices spiraled and customers rushed to withdraw their crypto from the platform, Celsius buckled under the weight. Now we know it’s amassed around $5.5 billion in liabilities, but only has about $4.3 billion in assets to back it up. For the debrief on what’s happening at Celsius, you’ll hear from Bloomberg Crypto senior editor Anna Irrera and reporters Olga Kharif and Emily Nicolle.See omnystudio.com/listener for privacy information.