Fears of a big hole in Celsius's balance sheet have been confirmed after documents revealed the company is $1.2 billion in deficit. To make matters worse, it might not be required to return customer deposits.
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
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