Celsius Network's debts exceeded its assets by $2.85 billion

Posted 16 August, 2022

The difference between the liabilities of the bankrupt Celsius Network and its assets is $ 2.85 billion, follows from the company's report dated August 14, posted online by the co-founder of the investment platform BnkToTheFuture Simon Dixon. The businessman has an ongoing interest in the Celsius case and has previously warned that the troubled crypto lender is providing incorrect information about his balance.

Celsius has $6.6 billion in liabilities and $3.8 billion in assets under management, according to the report. In mid-July, when it filed for bankruptcy, the firm said it had about $4.3 billion in assets and $5 in liabilities. 5 billion. The shortfall was estimated at $1.2 billion.

The report shows that out of the 100k bitcoins held by investors, the company lost 62.8k BTC and now owns only 12.8k BTC and 22.7k WBTC (wrapped bitcoin tokens). Also, the businessman pointed out that Celsius Network will run out of funds by October of this year.

Celsius' troubles began in June, with the company suspending all withdrawals, swaps, and inter-account transfers due to "extreme market conditions." In July, the platform announced the dismissal of 150 employees, began restructuring the business, and filed for bankruptcy.

 

Previous story

16 August, 2022 13:29

← The rise of Dogecoin and Shiba Inu. What sparked new investor interest

Experts spoke about the reasons for the rise in price of "meme" cryptocurrencies and how likely the return of the former popularity of such tokens is.

The rise of Dogecoin and Shiba Inu. What sparked new investor interest

Next story

16 August, 2022 12:03

German ZEW index remains depressed in August →

The German ZEW index remains depressed in August.

German ZEW index remains depressed in August
Write a comment
 
Prove you’re not a bot + 8 = 24