Celsius boss Alex Mashinsky said users began withdrawing crypto from Celsius’ platform in large amounts and at a rapid pace.
(Picture: Bloomberg via Getty Images)A staggering $4.7 billion (£4 billion) of assets is owed to users of bankrupt crypto lender Celsius Network, court filings show, as crypto holders struggle to recover their investments in the wake of the Bitcoin price crash.
In a filing with the Southern District of New York, Celsius revealed it had a $1.2 billion hole in its balance sheet. The firm blamed its demise on rampant inflation, war and Ukraine and the collapse of several other crypto funds, which led to “growing industry-wide reluctance to do business with companies, such as Celsius, that held crypto assets.”
