Crypto lending company Celsius Network has filed for bankruptcy

Illustration by Alex Castro / The Verge

Celsius Network has filed for Chapter 11 reorganization. The future of the company has been in question since it stopped all withdrawals and transfers a month ago. While the company is restructured, it hopes to keep operating with its remaining cash.

The company has between $1 billion and $10 billion in assets but owes the same amount. The biggest claims are between $20 million and $80 million. Fortune says that the company was worth as much as $24 billion before this year's sell-off. The filing suggests that it has less now than it did before.

The business model and operations of Celsius have been the subject of many questions. Some of them are described here.

Celsius stopped withdrawals last month in order to avoid a bank run and allow certain customers to be paid in full.

Three Arrows was forced to file for Chapter 11 reorganization.