German Crypto Exchange Nuri Files for Insolvency

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.

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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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