.CelsiusNetwork has acknowledged a $1.2 billion hole in its balance sheet
It was previously rumored that the huge balance sheet hole was the reason why cryptocurrency exchange FTX passed on the deal to acquire Celsius.
The beleaguered crypto lending firm has $4.3 billion worth of assets and $5.5 billion worth of liabilities.The company invested a big chunk of its customers' funds into its own mining operation through a $750 million credit line. Celsius also secured a $108 million loan from the FTX exchange that was collateralized by $403 million worth of assets.
The filing also shows that the company raised only $600 million in funding in 2021 instead of $750 million.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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