Celsius Network, a cryptocurrency lender, declares bankruptcy.

Celsius Network, a U.S. crypto lender, declared bankruptcy on Wednesday, becoming the latest victim of the cryptocurrency sector’s dramatic price drop.

According to a court filing in the United States Bankruptcy Court for the Southern District of New York, Celsius listed estimated assets and liabilities on a consolidated basis in the range of $1 billion to $10 billion.

During the Covid-19 pandemic, cryptocurrency lenders boomed, attracting depositors with high interest rates and easy access to loans rarely offered by traditional banks. They have, however, fallen in recent months as a result of a drop in cryptocurrency prices and the collapse of major token TerraUSD in May.

Voyager Digital Ltd, another cryptocurrency lender, declared bankruptcy on July 6 after suspending withdrawals and deposits.

Celsius is not requesting authority to allow customer withdrawals at this time, according to a press release issued on Wednesday, adding that it has filed a series of customary motions with the court to allow it to continue operations as usual.

The company currently has $167 million in cash on hand, which will be used to fund certain operations during the restructuring process.

Celsius froze withdrawals and transfers last month, citing “extreme” market conditions, preventing its 1.7 million customers from redeeming their assets. State securities regulators in New Jersey, Texas, and Washington were prompted to investigate the decision.