Celsius touted itself as better than a bank. Now the crypto firm is filing for bankruptcy.

Celsius Network filed for bankruptcy protection on Wednesday after a "crypto winter" — or crash — that decimated the value of digital currencies including bitcoin and ethereum. The company said most accounts will continue to be "paused until further notice."

Celsius is the third crypto-related firm to file for bankruptcy protection in two weeks. It follows Three Arrows Capital and lender Voyager Digital in seeking financial restructuring after digital currencies plunged in value. Celsius marketed itself as a type of crypto bank, encouraging people to deposit their digital currencies with the firm, and then earning money by either borrowing or lending against the crypto deposits.

Troubles for Celsius' customers started when the network halted trading and other activities last month amid the crypto meltdown, effectively blocking customers from accessing their funds. The decision shocked customers who had been told by Celsius that the platform was low-risk and secure, all while providing earnings as high as 17%. In its sales pitch, Celsius pledged "Your interests are our top priority" and stressed that traditional banking "is broken."