TSE Sponsored:Global Crypto Mining News (July 18 to July 24)
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1. Chapter 11 bankruptcy pauses any attempts at civil litigation from creditors, and allows Celsius time to get its finances in order to repay its debts. Celsius saw its digital asset holdings dwindle to a mere $1.7 billion as of July 14, down from $14.6 billion since the end of March. The documents also show that Celsius owes $4.7 billion to its customers, almost three times what it holds in digital assets. Celsius also holds $170 million in cash held in a bank, but the rest of the assets are tied up in mining equipment ($720 million), outstanding loans ($620 million) and other assets ($450 million). The documents also somehow account for $600 million in the platform’s CEL token, a much higher value than the total market capitalization of the coin. The firms claimed that most of the drop was due to the collapse in crypto prices, shrinking its assets by $12.3 billion.
TSE Sponsored:Global Crypto Mining News (July 18 to July 24)
TSE Sponsored:Global Crypto Mining News (July…
TSE Sponsored:Global Crypto Mining News (July 18 to July 24)
1. Chapter 11 bankruptcy pauses any attempts at civil litigation from creditors, and allows Celsius time to get its finances in order to repay its debts. Celsius saw its digital asset holdings dwindle to a mere $1.7 billion as of July 14, down from $14.6 billion since the end of March. The documents also show that Celsius owes $4.7 billion to its customers, almost three times what it holds in digital assets. Celsius also holds $170 million in cash held in a bank, but the rest of the assets are tied up in mining equipment ($720 million), outstanding loans ($620 million) and other assets ($450 million). The documents also somehow account for $600 million in the platform’s CEL token, a much higher value than the total market capitalization of the coin. The firms claimed that most of the drop was due to the collapse in crypto prices, shrinking its assets by $12.3 billion.