SCOOP: FTX walked away from a deal with Celsius after seeing state of its finances: sources By Yogita_Khatri5
FTX was interested in making a deal with Celsius but walked away because of the state of its finances, two sources told The Block.Crypto exchange operator FTX looked at making a deal with troubled crypto lender Celsius but ultimately walked away, two people with knowledge of the matter told The Block.
Celsius had a $2 billion hole in its balance sheet and FTX found the company difficult to deal with, one of the sources said.Celsius has been fighting for survival since freezing all withdrawals on June 12, citing"extreme market conditions." Clients' funds have remained stuck ever since. Celsius claimed 1.7 million customers and around $12 billion in assets under management in May.
Celsius is resisting a Chapter 11 bankruptcy filing — a recommendation from its lawyers — people with knowledge of the situationearlier this week. The firm has instead been seeking a show of support from users to help win the internal argument against its own legal advisors.
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