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German Crypto Exchange Nuri Files for Insolvency
Users are still able to access deposits, according to the exchange.
Cryptocurrency exchange Nuri GmbH has filed for insolvency in Berlin, according to a court filing.
- The platform, previously called Bitwala, was founded in 2015.
- Nuri said the sell-off in the crypto market coupled with the collapse of Celsius Network ultimately led to the decision.
- The price of bitcoin (BTC) has fallen from $69,000 to as low as $17,000 over the past nine months, with several key companies in the industry struggling to keep afloat. Bitcoin was recently trading around $23,000.
- Singapore-based hedge fund Three Arrows Capital filed for bankruptcy in July while Celsius and Voyager Digital experienced similar outcomes.
- Nuri has said its users can still access deposits, Reuters reported.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
