Celsius Network: crypto firm reveals $1.2bn deficit in bankruptcy filing
— Company, Celsius, Firm, Lender, Network, Business, Deficit, Bankruptcy, Crypto, Reveals — 1 min read
Celsius Network blames poor decisions, global 'cryptopocalypse' and unfavourable media coverage. The company has $4.3bn of assets and liabilities of $5.5bn, of which $4.7bn is owed to its users, who numbered 1.7 million as of this month. Celsius froze customer funds last month amid a crash that saw the value of cryptocurrencies tumble worldwide. CEO Alex Mashinsky says recovery plan could involve using bitcoin generated by its mining operation to plug shortfall in its crypto assets. Celsius was valued at $3bn at one point last year, but filing for Chapter 11 would allow it to negotiate and implement a plan that will maximise value of its business and generate meaningful recoveries as quickly as possible. Source