Crypto lender Celsius Network has revealed a $1.2bn hole in its balance sheet caused by what chief executive Alex Mashinsky called “poor” investments and other “unanticipated” losses.
Celsius made the disclosure as it sought US bankruptcy protection this week, after freezing customer funds in June. It is the latest victim of the crash in crypto markets, which has forced two other large companies into bankruptcy in recent weeks.
Mashinsky, who co-founded Celsius in 2017, laid bare the scale of the New Jersey-based company’s problems in a 61-page court filing on Thursday. It showed liabilities of $5.5bn, and assets of just $4.3bn.
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