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Celsius Admits Chapter Due To Loss Of $1.2 Billion

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Celsius Admits Chapter Due To Loss Of $1.2 Billion

August 20, 2022
in Economy

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Cryptocurrency lending platform Celsius stated the lack of $1.2 billion was the explanation it needed to declare chapter.

Celsius

Celsius reveals the reason for chapter

In line with filings filed with the bankruptcy court, crypto lending platform Celsius Community admitted to going through a deficit of as much as $1.2 billion on its stability sheet – considerably confirmed rumors that FTX refused to “rescue” the challenge after seeing a lack of 2 billion USD.

Celsius
Celsius stability sheet as of July 10, 2022

Particularly, the corporate’s debt and monetary obligations are $5.5 billion, whereas the precise belongings are solely $4.3 billion. Of which, consumer debt is $4.72 billion, CEL debt is $210 million, custody debt is $180 million, and different debt is $390 million.

The corporate’s remaining belongings embrace $170 million in money, $1.75 billion in varied crypto belongings, $930 million in lending belongings (however as much as $310 million vulnerable to unhealthy debt), $720 million mining gear, $180 million in custody belongings, $600 million in challenge CEL tokens, and $270 million in different belongings.

The corporate additionally introduced that it had closed most of its loans and stopped lending belongings to serve the asset restructuring course of underneath Chapter 11 chapter laws of the US legislation. This can be the explanation why Celsius has just lately made funds of greater than $800 million in loans on main DeFi protocols together with Aave, MakerDAO and Compound, withdrawing greater than $1.1 billion in collateral.

DISCLAIMER: The Data on this web site is offered as basic market commentary and doesn’t represent funding recommendation. We encourage you to do your personal analysis earlier than investing.

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