Celsius Has a $1.2B Hole in its Balance Sheet
Main page News, Cryptocurrency
Hot topic
15 July

Crypto lending platform Celsius Network has reported its liabilities exceed its balance sheet assets by nearly $1.2 billion.

According to new documents released by the company, as of July 13, the company held $4.3 billion in assets and its liabilities amounted to $5.5 billion.

Celsius has reported holding about $600 million in CEL tokens. However, in the same documents, the company has noted that as of July 12, the total market capitalization of the coin amounted to approximately $170.3 million.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

Alex Mashinsky, CEO of the company, has said the firm’s problems are due to a combination of poor investments, market conditions and the inability to manage the rapid growth of the site.

According to the documents, the company's largest unsecured creditor is Pharos USD Fund SP, registered in the Cayman Islands.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Bloomberg has found that Pharos USD Fund SP is affiliated with Lantern Ventures, which in turn is associated with Sam Bankman-Fried's venture capital firm Alameda Research.

Read also:
Please describe the error