Celsius is down to $167 million

[glitch]

A lot of investors and crypto buyers ate a huge loss this week when Celsius filed for bankruptcy.

They owe their users over 4.6 billion dollars. That is not a small amount, to say the least! YIKES!

Celsius filing for bankruptcy this week surprised virtually no one. Once a platform freezes customer assets, it's typically all over. But just because the fall of this embattled crypto lender didn't come as a shock, doesn't mean it wasn't a really big deal for the industry.

In October 2021, CEO Alex Mashinsky said the crypto lender had $25 billion in assets under management. Even as recently as May — despite crashing cryptocurrency prices — the lender was managing about $11.8 billion in assets, according to its website. The firm had another $8 billion in client loans, making it one of the world's biggest names in crypto lending.

Now, Celsius is down to $167 million "in cash on hand," which it says will provide "ample liquidity" to support operations during the restructuring process.

Source

 

[Laurentta]

Yikes, this is really bad. This is on of the reasons i have refused to invedt in anything related to crypto currencies. I can't imagine being along the people losing to Celsius.

 

[HayKay]

Waoh. I'm surprised I never heard of this earlier. I think this sparked the run of a lot of currencies being liquidated; same happened to LUNA and FTX. Crypto is beginning to seem like an organized Ponzi scheme.

 

[Nomad]

Celsius Network now is is a bankrupt company. I had account on Celsius but never funded my account, therefore, I was saved from losing my funds with celsius network. Not everyone was as lucky as I was.