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CEL rises despite filing for bankruptcy and a billion dollar hole in its balance sheet

 


Regarding Celsius, more worrying news came as a Chapter 11 bankruptcy protection filing on July 14 revealed a nearly $1.2 billion deficit for the crypto lending platform.


According to a new document filed in the US Bankruptcy Court for the Southern District of New York, Celsius has $4.3 billion in assets against $5.5 billion in liabilities, for a $1.2 billion deficit is equivalent to.


The majority of these liabilities were user deposits, which accounted for $4.72 billion. On the assets side, the company held $1.75 billion in crypto assets and $170 million.


Specifically, assets in the form of Celsius-owned CEL token have been valued at $600 million, despite the token having a total market cap of just $172 million and a fully diluted market cap of $500 million at the time of writing.


Despite all of this, the CEL token is up a little over 26% in the last 24 hours and has remained flat for the past seven days.


Meanwhile, according to the filed document, the mining operation, Celsius Mining LLC, could generate enough assets over time to pay off some loans, as well as generate Bitcoin, which will bring revenue to the company in the future.


The document added that Celsius's mining arm owns 80,850 mining rigs, of which 43,632 are in operation.


“Mining is currently generating about 14.2 bitcoins per day for the past seven days.”

It is predicted that a total of 10,118 BTC will be mined in 2022.

It is also known that crypto exchange FTX has already backed out of a deal with Celsius after receiving the financial statements. As it became known, people familiar with the matter cited a $2 billion hole in Celsius' balance sheet, causing FTX to lose interest.

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