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.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.
User deposits made up the majority of liabilities at $4.72 billion, while Celsius' assets include CEL tokens as assets valued at $600 million, mining assets worth $720 million, and $1.75 billion in crypto assets. The value of the CEL tokens has drawn suspicion from some in the crypto community however, as the entire market cap for CEL tokes is only $321 million, according to CoinGecko data.Among the crypto assets are 410,421 Lido Staked ETH tokens worth about $479 million which are generating 5% APY, though the tokens themselves cannot be redeemed for
Good - feed the crypto purge
Sometimes, crypto can be as embarrassing as UK politics. If you're gonna lead an initiative be a good leader, or just don't bother.
Amazing the lack of public outrage, unless I am missing something, about all the influencers who promoted this to their followers. With such terms of service it's surprising.
Well, this only shows that many will not survive this BearMarket2022 , it only takes a real BEAST to conquer it! RealBeastToken BEASTEVERYWHERE
TLDR: 1.2BB deficit, but 1.75B in crypto assets. Why can't it just wait for crypto market to 2X ( easily could do in next year) then they have 550 million extra?
😳😳😳 but why
elnodobtc blockclock
Why is this even news now?
I remember Mashinsky saying CeFi and Defi are both needed on every podcast. History has shown that CeFi is shit.
It takes a special kind of imbeciles (Read: Machinsky) to get rekt while having on their balance sheets 150,000 BTC, more than Michael Saylor / Microstrategy just about 90 days back. Machinsky should not be allowed to hold even 1 sat
That's Some unbanking SMH
Mashinsky … why man, why?
Thanks you veryy much_,, bkh