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- Celsius Network Coin report underlined that the firm approximately 60% of total Bitcoin deposited by their investors.
- The native token of Celsius Network CEL token is trading at $2.73.
According to the reports of The Coin Republic on Wednesday, 13th July, crypto lender company Celsius Network filed for Chapter 11 bankruptcy. The United States Bankruptcy Court for Southern New York District initiated the procedure after Celsius’ bankruptcy filing.
And after the process of filing bankruptcy, Celsius network claimed a $ 1.2billion debt, but a report claims that the amount of real debt is around $2.85B. This massive difference between the original amount and the amount mentioned while the bankruptcy filing indicates that the firm has lied to the authorities.
As per Celsius Network’s bankruptcy filings, they need a total liability of $5.5 billion and $4.3 billion in assets. This shows a distinction of $1.2 billion, the corporate’s claimed deficit. Conversely, the coin report shows that the corporate has higher liabilities at $6.6 billion and fewer assets at $3.8 billion. So, it’s like they disclosed incorrect numbers on each end.
Coin report underlined that Celsius Network had lost approximately 60% of total Bitcoin deposited by their investors. The firm now holds around 37,926 in the balance, and around 64% of its debt or liability is wrapped in BTC, and this is not a good indication for Celsius Network.
Before publishing The coin report, Simon Dixon pointed out the huge differentiation in Celsius figures. But at the time, it was not accepted by the users because they lost lots of money. Although once again, he highlighted his statement with the help of Twitter and tweeted from his official account.
Celsius Network filed bankruptcy, but then also the prices of the tokens followed an upwards trend in the last month, and when it filed bankruptcy, the token was trading at $0.7362, and on 15 th August the token traded at its all-time highest price in the last three months.
As per data sources from The Coin Market Cap, while writing this article, the CEL token was trading at $2.73.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
