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Latest, Celsius and OpenSea Hit by Winter Crypto Storm

     This time, the crypto winter has again made several crypto asset companies experience a turmoil. For example, Celsius Network LLC, or better known as the crypto lending platform Celsius Network, finally on Wednesday (13/7/2022) local time declared bankruptcy Chapter 11 (Chapter 11 bankruptcy) in New York, United States (USA).


In his statement, Celsius said he would seek to stabilize his business by restructuring in a way that maximizes value for all stakeholders. Launching CNBC, Celsius said he had us$ 167 million or Rp 2.5 trillion in cash (assuming an exchange rate of Rp 15,071 per US dollar) to support the temporary operation.

Earlier, CNBC reported the company's lawyers notified U.S. state regulators on Wednesday night, according to a source, who asked not to be named because the process was private.


"This is the right decision for our community and company," said Celsius co-founder and CEO Alex Mashinsky, in a statement, quoted from CNBC, Friday (15/7/2022). The Hoboken, New Jersey-based company made headlines a month ago after freezing customer accounts, blaming extreme market conditions.


Previously, crypto hedge fund Three Arrows Capital (3AC) had filed for chapter 15 bankruptcy in New York first on July 1, 2022. Then, Voyager Digital Ltd. which provides a cryptocurrency platform also announced that it filed for bankruptcy Chapter 11 (Chapter 11 bankruptcy) in New York on July 6, 2022. Similarly, the world's largest non-fungible token (NFT) platform, Opensea, cut 20% of its workforce. The information came directly from OpenSea CEO Devin Finzer, who tweeted a screenshot of a Slack message he sent to the company's entire staff on Thursday.


Reporting from Yahoo Finance, Finzer blamed the economic instability around crypto in particular and the economy at large for employee layoffs. Such cuts, will prepare the company in case of a prolonged decline.


"The changes we made today put us in a position to maintain the runway runway for several years under various crypto winter scenarios (5 years on current volumes), and give us high confidence that we only need to go through this process once," he said, quoted from Yahoo Finance. Meanwhile, TechCrunch noted the company's LinkedIn page shows it has 769 employees, meaning about 150 people lost their jobs.


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