According to a new bankruptcy coin report published on Sunday, embattled cryptocurrency lender Celsius‘s actual debt is $2.85 billion rather than the $1.2 billion they claimed in their bankruptcy case.
According to the most recent report, the company has $3.8 billion in total assets under management and $6.6 billion in net liabilities. The company reported approximately $4.3 billion in assets vs $5.5 billion in liabilities in their bankruptcy filing, resulting in a $1.2 billion deficit.
The company has lost 62,853 Bitcoin (BTC) out of the entire 100,669 Bitcoin (BTC) investors have invested, leaving it with only 37,926 BTC at this time, according to the coin report. 64% of the business’s Bitcoin debt is presently represented by Wrapped Bitcoin (WBTC).
The business declared bankruptcy under Chapter 11 on July 14 after becoming one of the numerous crypto lenders to fail as a result of the crypto contagion brought on by the now-defunct Terra-USD collapse, which was made worse by the subsequent crypto market crash.
Celsius was deceiving and “made up data” people became furious
Simon Dixon, a cryptocurrency entrepreneur with a great interest in the Celsius issue, pointed to the fresh results on Twitter after claiming that the crypto lender’s true balance gap is $3 billion as opposed to their claims of $1.2 billion. He claimed that when he displayed the gaps and the fact that Celsius was deceiving and “made up data,” people became furious.
Despite the fact that many crypto professionals disagree with Celsius’s goals, the community has supported the crypto lender in the hopes of recovering part of their money. Thanks to a short squeeze that was initiated by the community, the native token’s price has increased numerous times since the bankruptcy. The most recent discoveries, however, appear to have discouraged many current account holders who are unsure about getting their money back.
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