The crypto bank Nuri has filed for bankruptcy. The company announced this on Tuesday afternoon. According to its statements, the company recently had around 500,000 customers and managed total assets of around 500 million euros at the back of April.
JUST IN: Crypto exchange Nuri GmbH has filed for insolvency in Germany.
— Watcher.Guru (@WatcherGuru) August 9, 2022
The company says the collapse of market prices and the bankruptcy of lending specialist celsius led it to file for receivership. Nuri GmbH, one of the largest German crypto exchanges, has filed for bankruptcy with a Berlin court.
“Due to the present challenging market developments and the resulting impact on the financial markets on Nuri’s business development, we have filed for bankruptcy on August 9, 2022,” the exchange said.
The exchange cited adverse developments in the crypto markets, including the Terra implosion, the bankruptcy of Celcius and other major crypto funds, and macroeconomics headwinds from the economic and political anticipations of the war in Ukraine as the reason for the decision.
Bitcoin has a value of more than halved since its last high, near $70,000. The price of the digital coin has been evolving, since mid-June, in a range between 18 and 25,000 dollars.
