Despite a significant $1.9B balance sheet gap, Celsius Network has plans to compensate depositors

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Last Updated on July 16, 2022 by Bitfinsider

Celsius Network, a platform for centralized finance (CeFi) and whom recently declared bankrupt, has revealed plans to repay consumers whose funds are still not available for withdrawal.

According to a filing with the Southern District of New York of the United States Bankruptcy Court, the platform has $4.3 billion in total assets and $5.5 billion in total liabilities.

Selling minted Bitcoin (BTC) from its mining operation is one of the options to close the $1.19 billion hole in its balance sheet, according to Celsius Network.

The company also said that its cryptocurrency mining division, Celsius Mining LLC, plans to produce over 15,000 Bitcoin in 2023, which at the time of writing is valued over $310 million. The reorganization may include Celsius Network selling some of its assets or looking for a strategic investor.

According to the CeFi platform, as of this month, it had hundreds of thousands of active users with account balances of at least $100.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.