{"id":65846,"date":"2022-08-15T17:52:41","date_gmt":"2022-08-15T14:52:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65846"},"modified":"2025-09-06T22:13:29","modified_gmt":"2025-09-06T19:13:29","slug":"gap-in-celsius-network-balance-sheet-amounts-to-2-85-billion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gap-in-celsius-network-balance-sheet-amounts-to-2-85-billion\/","title":{"rendered":"\u2018Gap\u2019 in Celsius Network balance sheet amounts to $2.85 billion"},"content":{"rendered":"<p>Liabilities of the crypto-lending platform Celsius Network exceed its assets by $2.85 billion, according to an updated valuation as of August 14.<\/p>\n<p>The first figure stands at $6.67 billion; the second at $3.83 billion. Of the total BTC entrusted by investors, 100,669 BTC, the company has lost 62,853 BTC. The \u201cwrapped\u201d version of the cryptocurrency accounts for almost two-thirds of the overall debt.<\/p>\n<p>On July 15 the company said the capital shortfall did not exceed $1.2 billion.<\/p>\n<p>The disclosed information threatens further problems for Celsius Network. The data could confirm concerns that the platform&#8217;s management may have deliberately misled creditors and provided the court with false information.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">People were upset with me when I said <a href=\"https:\/\/twitter.com\/hashtag\/Celsius?src=hash&#038;ref_src=twsrc%5Etfw\">#Celsius<\/a> are missing lots of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> &#038; they are making up numbers with fake <a href=\"https:\/\/twitter.com\/search?q=%24CEL&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$CEL<\/a> valuations. They confirmed they have lost 67,147 <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> &#038; <a href=\"https:\/\/twitter.com\/search?q=%24WBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$WBTC<\/a> representing 64% of their <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> debt. $438m of the hole is assuming they can dump all <a href=\"https:\/\/twitter.com\/search?q=%24CEL&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$CEL<\/a> for $1 <a href=\"https:\/\/t.co\/KEQg7iu9bP\">pic.twitter.com\/KEQg7iu9bP<\/a><\/p>\n<p>\u2014 Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) <a href=\"https:\/\/twitter.com\/SimonDixonTwitt\/status\/1559126247707484161?ref_src=twsrc%5Etfw\">August 15, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On July 13, Celsius filed for bankruptcy protection in New York under Chapter 11 of the U.S. Bankruptcy Code.<\/p>\n<p>On July 19, the company unveiled a plan to reorganize the business. It envisages directing the profits of its subsidiary mining company toward reimbursing users&#8217; losses and paying creditors. Prior to that, Celsius Mining filed with the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> an application to conduct an <span data-descr=\"initial public offering (IPO)\" class=\"old_tooltip\">IPO<\/span>.<\/p>\n<p>On August 12 it emerged that the Celsius Network creditors&#8217; committee, during a bankruptcy court session <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-network-creditors-block-sale-of-part-of-mined-bitcoins\">secured an injunction<\/a> on the sale of some of the mined Bitcoins.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Liabilities of the crypto-lending platform Celsius Network exceed its assets by $2.85 billion, according to an updated valuation as of August 14.<\/p>\n","protected":false},"author":1,"featured_media":65847,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,1162],"class_list":["post-65846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=65846"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65846\/revisions"}],"predecessor-version":[{"id":65848,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65846\/revisions\/65848"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65847"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}