Celsius files bankruptcy papers

Matt Damon's drinking pee in a surreal new South Park sketch. Market Activity Total Market Cap 928.71B (+2.38%) 24 Hour Volume 66.06B (+3.69%) Notable Movers[(COMP) $55.88]( (+13.68%) Notable Movers (DeFi)[(LDO) $1.13]( (+31.70%) Bitcoin Dominance 42,60%[(-0.13%)]( Bitcoin Price[(BTC) 20,721.36 (+2.07%)]( Ethereum Price[(ETH) $1,209.57 (+6.19%)]( Cardano Price[(ADA) $0,4343 (+0.75%)]( Editor's Note Can a Decentralized Exchange File for Bankruptcy? Yesterday, we all read the news that crypto lender Celsius Network has filed for bankruptcy. According to its board, the company will undergo a restructuring that will hopefully allow its creditors to receive as much of their funds back as possible. This is a very traditional financial markets move. As we wrote on [CMC Alexandria]( yesterday, many large companies have survived bankruptcy and gone on to be powerhouses in their own industries — American Airlines, Heinz, Marvel, etc. You’ll notice that these companies have nothing to do with crypto. It might be that crypto companies have not been around long enough for there to be any tradition of recovering from bankruptcies — Bitcoin was only invented in 2009, after all. Celsius’s bankruptcy filing (the most recent in a series of crypto companies reaching for Chapter 11) just points out the slight irony in a company that works by funding the trading of a decentralized financial system is reverting back to one of the most traditional financial ways of recovering from a loss. Unlike the Bitfinex hack of 2016, when customers were made whole by the issuance of a new token, Unus Sed Leo, these embattled crypto companies are not really turning to crypto right now to pull them out of financial holes (with the exception of Voyager, who has considered partially repaying its customers in tokens). That is not to say that filing for Chapter 11 is good or bad, or even neutral — but wouldn’t you think that these advanced crypto money lenders, working with the “future of money,” could have come up with something more original to save their customers a bit earlier on? Today’s Top Stories Check out [CoinMarketCap Alexandria]( for tech deep dives, analysis, daily news and easy-to-understand guides on how crypto works! [Today’s Top Stories ] has $1.2 billion hole]( 😱 Celsius Network has a $1.2 billion black hole in its finances, new court papers reveal. The embattled crypto lender also confirmed it has 300,000 active users with balances of more than $100. Withdrawals have been halted for four weeks. Explaining what happened, Celsius admitted to making "certain poor asset deployment decisions." The company also alleged it was the victim of "unsupported and misleading" media reports that caused users to withdraw funds at a rapid pace. Figures show that current user liabilities stand at $4.7 billion — illustrating how much money from customers was locked up in the platform. Celsius believes "false" rumors it lost millions of dollars in LUNA led to $1 billion being suddenly withdrawn over five days in May. slashes 20% of jobs]( 🚨 OpenSea is cutting 20% of its workforce. The NFT marketplace said the drastic move was in response to "an unprecedented combination of a crypto winter and broader macroeconomic instability." CEO Devin Finzer says the company needs to prepare for a potentially prolonged downturn — and these changes will mean it can survive for several years if things don't improve. OpenSea's trading volumes have slumped in recent months. They hit a record high of $5 billion in January 2022, but dwindled to just $700 million last month. On top of that, the platform is facing increasing competition from new entrants into the space — Coinbase and Instagram among them. allows some withdrawals]( 💸 A crypto lender that halted withdrawals last month has announced customers can now withdraw 10% of their balance. CoinFLEX was one of several platforms in the space that took drastic action when Bitcoin took a nosedive — and some of its rivals have now entered into bankruptcy proceedings. The company's CEO, Mark Lamb, has alleged that Roger Ver — one of the earliest investors in Bitcoin — currently owes $47 million in USDC to the platform. Ver denies this, and says he's the one who is owed money. CoinFLEX says it is battling to resolve the current situation. Withdrawals could be relaxed further, the company may seek backing from new investors, or the firm could be acquired by a rival. A further update is expected next Friday. Park mocks crypto celebs]( 🤯 South Park has mocked Matt Damon's Crypto.com ad in its latest episode. The long-running animated comedy has made cryptocurrencies the butt of its jokes many times before. And in this latest sketch, "Matt Damon" is seen telling viewers that they need to start drinking their own urine because of a massive drought. The character declares that pee can be used to water lawns and even take showers, but is seen wincing when he turns on the tap. Reese Witherspoon, Gwyneth Paltrow, Naomi Osaka and Larry David — who have all endorsed cryptocurrencies in one way or another — are also sent up in the latest episode. Yes, this also involves them extolling the benefits of pee. Thanks for reading! Have a great day — more news tomorrow! 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