Celsius Network officially files for Chapter 11 Bankruptcy. Days before this they have been paying off their DeFi loans. Users can't do anything but wait until the dust settles. Even so, there is no guarantee how much can be recovered.
The CeFi space has not been spared in this bear market and one thing is for sure. CeFi companies going down will pay first their DeFi loans in full.
Why? because the DeFi protocol compels them. Not because the highest law in the land orders them. Not because attorneys drag them into courts. The protocol doesn't favor the rich and powerful. In DeFi, companies can't just declare bankruptcy and call it quits. It's a levelled playing field for us ordinary people. You took a loan? Pay up. It's as simple as that.
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