German crypto exchange Nuri files for bankruptcy

It seems that the latest victim of the crypto winter has become known. This is the German crypto exchange Nuri. According to Reuters Nuri filed for bankruptcy yesterday after being unable to survive the bear market.

Nuri bankrupt

Due to the declining market since the beginning of this year, Nuri apparently found itself in financial difficulties. For that reason, the company has decided to file bankruptcy with the court in Berlin.

According to Handelsblatt Nuri is the first major German crypto company to go under during the current crypto winter. The company was unable to raise capital in the short term and venture capitalists and other investors were unwilling to offer Nuri a hand.

According to Nuri himself, the ever-falling prices and the demise of crypto lending services have Celsius (CELL) dealt a sledgehammer to Nuri. The German exchange is said to have quite a significant exposure to Celsius. This crypto lending service went bankrupt a few weeks ago.

“This challenging environment has had a lasting effect on Nuri GmbH’s business development and has now led management to file for bankruptcy in the Berlin District Court.”

Fortunately for Nuri users, the company has announced that they will not stop withdrawing funds. Earlier we saw at other bankrupt companies that users could no longer access their moneybut that is not the case here.

Crypto winter is merciless

Nuri is just the latest in a long list of crypto firms that fell this year. It is also not surprising to say that Nuri will certainly not be the last. Previously, prominent companies such as Celsius, Three Arrows Capital and Voyager Digital bankrupt. We will most likely find out soon who will be the next victim.

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