Celsius Network coin report shows a balance gap of $2.85 billion: Finance Red...
Majority of the DeFi tokens traded in red with several registering double digit losses over the past week. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.This past week, Celsius’s financial troubles mounted further as a new coin report showed the company had a balance gap of $2.85 billion, more than double what it had shown in the bankruptcy filing. Aave (AAVE) called upon community members to commit to the Ethereum proof-of-stake (PoS) Merge.Coinbase CEO said....
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The latest findings could brew more trouble for the crypto lender for allegedly misleading and offering wrong details in the court documents. A new bankruptcy coin report filed on Aug. 14 shows that troubled crypto lender Celsius’ actual debt stands at $2.85 billion against their bankruptcy filing claims of a $1.2 billion deficit.The latest report shows that the company has net liabilities worth $6.6 billion and total assets under management at $3.8 billion. While in their bankruptcy filing, the firm has shown around $4.3 billion in assets against $5.5 billion in liabilities, representing....
Celsius files for Chapter 11 bankruptcy. The company’s balance sheet shows a gap of $1.2 billion and reckless behavior with customer deposits.
In March, research from Alpha Sigma Capital suggested that the platform would reach $30 billion in assets under management by the end of 2025. Crypto lending platform Celsius Network has reported it holds more than $20 billion in digital assets, making the company one of the largest in decentralized finance.In a Tuesday announcement, Celsius said its holdings had grown more than 1,900% in less than a year, from $1 billion in June 2020 to $20.3 billion as of Aug. 13. The company conducted an internal audit using technology provided by analytics firm Chainalysis, also determining it was....
Celsius Network had filed for bankruptcy following arguably the largest network collapse in the history of crypto. The lending platform had been caught in the crossfire, and further reports showed that it had a $1.2 billion hole in its balance sheet. The company, which has been going through bankruptcy proceedings in the US Bankruptcy Court […]
We’re in the midst of an intriguing cryptocurrency bear market, to say the least. The past several months provided high-profile collapses such as algorithmic stablecoin TerraUSD, crypto hedge fund Three Arrows Capital and more recently, crypto lender Celsius Network. While overall macro events take some responsibility for the failure of these organizations, there’s more to it than that. Celsius, in particular, left a gaping hole in the crypto lending industry due to their unsustainable business model and risky, off-platform practices. Now, as Celsius attends its bankruptcy trial, analysts....