Celsius Coin Report Reveals USD 2.8BN Crypto Shortfall

cryptonews.com:

A newly released report from the troubled crypto lender Celsius (CEL) shows that the company is short on its crypto obligations to customers by around USD 2.8bn.

According to the report, Celsius has a net coin position of negative USD 2.845bn, split between coins such as bitcoin (BTC), ethereum (ETH), USD coin (USDC), CEL, and various other coins. The largest negative position was a USD 2,155 deficit for BTC.

Referred to as a “Coin Report,” the document was shared on Twitter by David Adler, a bankruptcy lawyer and partner at law firm McCarter & English, and shows Celsius’ consolidated liabilities, deployment, and assets on a per-coin basis as of July 29, 2022.

The document was filed as part of ongoing proceedings in the US Bankruptcy Court for the Southern District of New York. Celsius filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code on July 13.

Commenting on the newly released information on Reddit, several users expressed their strong dissatisfaction with Celsius and the way the company has been run.

“Quite simply an awful reading, I just want closure at this stage and to move on,” one user wrote, while adding that “the level of mis-management is astonishing […].” Others questioned if there is even a point in restructuring the company, saying it should just be liquidated as soon as possible so “everybody can move on.”

The newly released crypto deficit is similar to numbers revealed in a filing from Celsius from July 13. The filing at the time showed a total deficit of around USD 1.2bn, and a deficit in pure crypto terms of around USD 3bn for the crypto lender.

It is worth noting that some non-crypto assets could potentially be converted to crypto.

The old numbers were commented on yesterday by Simon