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Cryptocurrency News

Celsius bankruptcy filings show a company in deep trouble

07/15/2022

Less than a minute

2022.07.15 17:27

Celsius bankruptcy filings show a company in deep trouble

Celsius’ bankruptcy filing has revealed some unpleasant surprises about the state of the crypto lending platform, including a $1.2 billion deficit formed largely as a result of user deposits.

A chapter 11 bankruptcy document signed off by Celsius CEO Alex Mashinsky on July 14 has revealed that the company holds around $4.3 billion in assets against $5.5 billion in liabilities, representing a $1.2 billion deficit.

The financial roundup for Celsius reveals a $1.2 billion deficit.