Claim Giveaway Token Proof of Reserve

A $2.85 billion balance imbalance is shown in the Celsius Network currency report.

16-Aug-2022 By: Shikha Jha
A $2.85 billion bala

The most recent revelations can cause the cryptocurrency lender extra problems because they claim that the court records they submitted were inaccurate and misleading.

The troubled cryptocurrency lender Celsius's actual debt is $2.85 billion, not the $1.2 billion they stated in their bankruptcy case, according to a new bankruptcy coin report released on Sunday.

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 company filed for bankruptcy under Chapter 11 on July 14 after failing to keep up with the crypto epidemic caused by the now-defunct Terra-USD collapse and exacerbated worse by the ensuing crypto market slump, which led to the failure of many other crypto lenders.

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. However, it seems that many current account holders who are unsure about getting their money back have become disappointed as a result of the most recent discovery.

Related News
Related Blogs