U.S. crypto lender Celsius Network said on Wednesday it has filed for bankruptcy

New Jersey-based Celsius listed estimated assets and liabilities on a consolidated basis in the range of $1 billion to $10 billion

Crypto lenders boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans

Another crypto lender Voyager Digital Ltd had filed for bankruptcy on July 6 after suspending withdrawals and deposits

The company has $167 million in cash on hand, which will provide liquidity to support certain operations during the restructuring process

Celsius is not requesting authority to allow customer withdrawals at this time, the company said in a press release on Wednesday

Celsius froze withdrawals and transfers last month, citing "extreme" market conditions, leaving its 1.7 million customers unable to redeem their assets

This prompted state securities regulators in New Jersey, Texas and Washington to investigate the decision