Crypto Values in Crisis and Liquidation
Crypto values play an increasingly important role in a crisis and insolvency. Global financial systems must handle crypto tokens. Whether and how government control or regulation can or should take place in the future is open. The current and future expected market capitalization of cryptocurrencies (currently approx. €112 billion) and the ability to transfer them from the crypto space into state-recognized currencies (euros, dollars, etc.) requires increased attention in all areas. As a result, crypto assets are also increasingly in the focus of restructuring companies and insolvency administrators. Treating them, securing them and exploiting extremely volatile values is both a task and a challenge.
German cryptocurrency bank Nuri ceases operations
Having filed for pre-insolvency proceedings earlier this year, it has now been announced that the German cryptocurrency bank Nuri has been forced to terminate operations. According to reports from Sifted, the firm failed to secure additional investment or find a suitable buyer for the brand, and has been negatively impacted by the fall in the cryptocurrency market.
It is understood that customers have been advised to withdraw their funds by 18th December, at which point the firm will cease operations and be liquidated. Around 215 employees at Nuri are expected to lose their jobs as a result of the liquidation.
In an official statement, Nuri’s CEO said, “During the preliminary insolvency proceedings, we have worked very closely with our insolvency administrators on a restructuring plan in the past three months and tried to find a potential acquirer to continue our story.”
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