ICYMI: Celsius bankruptcy documents claim $1.2 billion balance sheet gap
Beleaguered crypto lender Celsius has claimed a $1.2 billion hole in its balance sheet, according to new documents filed as part of its newly declaredChapter 11 bankruptcy allows a company to continue operations while meeting its obligations to indebted parties. This is usually executed by proposing a plan of reorganization to be approved by creditors and overseen by a legal team.
As of July 10, the company held 410,421 staked ETH , and as a result, approximately $467 million of the Company’s ETH, based on the market value of ETH, is illiquid, but is earning an approximate 5% APY pending the Merge, it added. The filing confirms news of legal proceedings between StakeHound and custody tech service Fireblocks over lost keys to more than 38,000 Ethereum tokens, including 35,000 of Celsius' Ether.
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