A $1.19 billion deficit was listed on Celsius Network's balance sheet in a court filing on Thursday.
“The amount of digital assets on [Celsius’s] platform grew faster than the company was prepared to deploy. As a result, the company made what, in hindsight, proved to be certain poor asset deployment decisions,” Chief Executive Alex Mashinsky wrote in a filling, citing a poor investment and unanticipated loss are attributed to its loss, resulting in the disability of returning money to their clients.
"Some of these deployment activities took time to unwind, and left the Company with disproportional liabilities when measured against the unprecedented market declines."
According to Financial Times, The 61-page filing showed the crypto lender with a liability of $5.5 billion, including a $4.7 billion user liabilities. The amount can be translated into a significant loss for these clients that need to face. Its assets value is $4.3 billion. Previously, Reuters reported the company has...
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