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.