Technology - Crypto: Celsius Discloses $1.19 Billion Deficit in Bankruptcy Filing

[Germ]

https://www.bloomberg.com/news/articles ... tcy-filing

Bankrupt cryptocurrency lender Celsius Network Ltd. disclosed more details on its collapse, including that it has a $1.19 billion deficit on its balance sheet.

The platform held about $4.3 billion of assets against $5.5 billion of liabilities as of Wednesday, according to a court filing. It suffered from a series of unexpected losses, including losing 35,000 of Ether tokens due to the misplacement of “keys” by its staking service provider StakeHound.

[AncientSword]

More interesting recent news here:
https://www.cnbc.com/2022/09/23/celsius ... ency-.html

Celsius has a Hail Mary bankruptcy plan: Turn its debt into a new cryptocurrency

- In an internal meeting, Celsius’ leadership discussed a plan to issue an “IOU” cryptocurrency to customers who signed up for some of its accounts.

- The company says it is building out a new system to track its assets, which was formerly done using a simple Excel spreadsheet, according to sources familiar with the company.

- In the leaked audio of the meeting, Celsius’ leadership says employees’ funds will be subject to the same rules and timeline as customer assets.

[Electric]

Here’s a list of 139 bankruptcies in the retail apocalypse – and why they failed:
https://www.cbinsights.com/research/ret ... fographic/

From executive missteps to pandemic-related shutdowns, we look at why some of the biggest retailers, including Sears and JCPenney, have filed for bankruptcy.

Modern-day retail is at an inflection point as retailers face struggling physical storefronts, massive debt, and inefficient operations, among other issues.

The Covid-19 pandemic initially compounded these issues and accelerated the fall of several retailers, which had faced dwindling sales and growing debt in the years prior as consumer preferences changed.

[xkhan]

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