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The Celsius Network currency report reveals a $2.85 billion shortfall

The most recent revelations could create additional problems for the cryptocurrency lender for allegedly providing false and misleading information in court documents.

A new bankruptcy coin report issued on August 14 reveals that embattled crypto lender Celsius’ actual debt is $2.85 billion, as opposed to the $1.2 billion deficit claimed in their bankruptcy case.

The corporation has $6.6 billion in net liabilities and $3.8 billion in total assets under management, according to the most recent report. In their bankruptcy filing, the company listed around $4.3 billion in assets and $5.5 billion in liabilities, resulting in a deficit of $1.2 billion.

The coin report also revealed that the corporation has lost 62,853 Bitcoin (BTC) of the total 100,669 Bitcoin (BTC) deposited by investors and currently holds only 37,930 BTC. Wrapped Bitcoin (WBTC) accounts for 64% of the company’s BTC debt at present.

The company filed for Chapter 11 bankruptcy on July 14 after becoming one of the numerous crypto lenders to fail in the wake of crypto contagion created by the now-defunct Terra-USD collapse, which was exacerbated by the fall of the crypto market.

Simon Dixon, a crypto entrepreneur with a great interest in the Celsius issue who previously pointed out that the true balance gap of the crypto lender is $3 billion as opposed to their assertions of $1.2 billion, brought out the fresh results via Twitter. People were furious, he claimed, when he pointed out the gaps and the fact that Celsius was deceptive and “making figures up.”

People were unhappy with me when I stated that #Celsius is missing a large quantity of #Bitcoin and that they are fabricating valuations for $CEL. They verified losing 67,147 #BTC and $WBTC, equivalent to 64 percent of their #BTC debt. $438 million of the deficit assumes they can sell all $CEL for $1 per share.

 

Despite the fact that many crypto specialists are sceptical of Celsius’s ambitions, the community rallied behind the crypto lender in the hopes of recovering their monies. After the bankruptcy, the price of the native token has multiplied due to a community-driven short squeeze. However, the most recent findings appear to have dissuaded many existing account holders, who are now uncertain about receiving their payments.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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