The bankrupt cryptocurrency-lending firm could run out of cash by October, according to projections from its lawyers. Celsius is short US$2.8 billion in crypto to pay back depositors; it reported a financial deficit of US$1.2 billion in July. (The Block)
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The bankrupt cryptocurrency-lending firm could run out of cash by October, according to projections from its lawyers. Celsius is short US$2.8 billion in crypto to pay back depositors; it reported a financial deficit of US$1.2 billion in July. (The Block)
Talking point: The New Jersey-based company, backed by the Caisse de dépôt et placement du Québec, filed for Chapter 11 bankruptcy protection on July 13 amid a crash in crypto prices. Celsius said in a statement at the time that the decision was meant to stabilize the business and protect its customers. Last month, the company also filed to retain as an advisor its former CFO, longtime RBC banker Rod Bolger, through the restructuring process. However, the company has just US$130 million in cash, according to The Block, down from US$167 million at the time of its bankruptcy filing. Celsius’s creditors filed a motion last week to block the lender from selling crypto it earns through its mining operations.
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