In CoinDesk.TV Interview, Ryan Preston Dahl Analyzes Celsius Network Crypto Chapter 11 Bankruptcy Filing
Business restructuring partner Ryan Preston Dahl appeared on a CoinDesk.TV First Movers guest interview included in Yahoo Finance to discuss the chapter 11 bankruptcy of Celsius Network, the third major crypto firm to have done so in two weeks.
Ryan noted that chapter 11 filings of crypto firms represent “uncharted territory” in bankruptcy cases. Celsius had 1.7 million customers, $8 billion in loans to clients and $11.8 billion assets in May.
Ryan explained that Celsius will face scrutiny in the U.S. Bankruptcy Court for the Southern District of New York for a business model structured like a bank and a brokerage institution. Celsius does not have Federal Deposit Insurance Corporation protection for retail crypto investors.