Celsius filed for bankruptcy in July.
Bankrupt crypto lender Celsius Network said on Friday that it is not seeking to enforce payment obligations for outstanding loans during its Chapter 11 proceedings and that borrowers are not required to repay such loans.
New Jersey-based Celsius said that in a filing in the U.S. Bankruptcy Court for the Southern District of New York, no interest or penalties will be assessed after the loan maturity.
Celsius filed for bankruptcy in July, with estimated assets and liabilities of between $1 billion and $10 billion, along with more than 100,000 creditors.
The lender also listed a deficit of $1.19 billion on its balance sheet and had nearly 23,000 outstanding loans to retail borrowers totaling $411 million backed by collateral with a market cap of $765.5 million in digital assets as of July 13 this year.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)