According to its bankruptcy filing, Celsius owes its customers roughly $4.7 billion, and its balance sheet has a hole of about $1.2 billion. Let's take a look inside Celsius' $25 billion bankruptcy filing.
This week's bankruptcy filing by Celsius did not really surprise anyone. Once a platform locks down a customer's assets, it is usually game over. But just because the collapse of this troubled cryptocurrency lender was not unexpected does not mean it was not a significant event for the sector.
The cryptocurrency lender's CEO, Alex Mashinsky, said in October 2021 that it was managing $25 billion in assets. According to its website, the lender was in charge of managing around $11.8 billion in assets as recently as May, despite the collapse of cryptocurrency values. The company has an additional $8 billion in client loans, making it one of the most well-known names in cryptocurrency lending globally.
Celsius claims that its remaining $167 million in "cash on hand" will off...