US cryptocurrency lender Celsius Network said on Wednesday it had filed for bankruptcy in the US court in the Southern District of New York, becoming the latest victim of a sharp drop in cryptocurrency prices, writes Reuters.

New Jersey-based Celsius froze customer withdrawals last month, citing “extreme” market conditions, cutting off access to savings for individual investors and sending shockwaves through the cryptocurrency market.

In the lawsuit, Celsius estimated its assets and liabilities at between $1 billion and $10 billion to more than 100,000 creditors. The company’s cash is $167 million.

“This is the right decision for our community and company,” said Celsius co-founder and CEO Alex Mashinsky.

More recently, during the pandemic, cryptocurrency lenders like Celsius have thrived, luring savers with high interest rates and easy access to loans rarely offered by traditional banks. They lent tokens primarily to institutional investors, profiting from the difference. But after a sharp market downturn that saw risky assets sell off, the business model has come under scrutiny, especially following the collapse of tokens like TerraUSD and Luna in May.

Another crypto lender, Voyager Digital Ltd, filed for bankruptcy this month after suspending withdrawals and deposits. Singapore’s Vauld, a smaller lender, also froze withdrawals.

Celsius’ decision in June to freeze customer withdrawals prompted state securities regulators in New Jersey, Texas and Washington to launch investigations into the firms.