One month after abruptly pausing withdrawals on its platform, Celsius Network announced Wednesday that it filed for bankruptcy in New York.

According to a court filing in the United States Bankruptcy Court for the Southern District of New York, the Hoboken-based crypto company listed assets and liabilities as between $1 billion to $10 billion, with more than 100,000 creditors, while maintaining $167 million in cash on hand.

The announcement punctuates a dramatic fall for the crypto lender, whose business model has been stretched and strained amid a wider industry collapse. NJBIZ documented Celsius’ situation in a story last month.

“This is the right decision for our community and company,” said Alex Mashinsky, co-founder and CEO, Celsius. “We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”

Following a withdrawal freeze in June, Mashinsky, a charismatic leader with a huge social media footprint, came under fire from devout fans and customers, who’s accounts were frozen, after he went uncharacteristically and cryptically quiet.

The company says it believes the Chapter 11 proceedings will provide Celsius with “the opportunity to stabilize its business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders.”

“Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilize its business and protect its customers,” members of the Special Committee of the board of directors said in a statement. “Without a pause, the acceleration of withdrawals would have allowed certain customers – those who were first to act – to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery.”

Celsius is not requesting authority to allow customer withdrawals at this time, which means that customers will be forced to address their frozen accounts through the Chapter 11 process. However, the company believes its cash on hand provides enough liquidity to support operations and is filing a “first day” motion to request paying employees and continuing their benefits without disruption through the restructuring process.

Kirkland & Ellis LLP is serving as legal counsel. Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius.