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A major Canadian pension fund manager has written off a $150M investment in crypto lending platform Celsius Network as a total loss, expecting an impending shutter of the once high-flying CeFi platform. According to a report from the Financial Times, the fund is the second-largest in Canada and has signaled the
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The Canadian fund invested US$150 million in Celsius in the fall of 2021. “Blockchain technology has the potential to disrupt several sectors of the traditional economy. As digital assets grow in adoption, we intend to capture the right opportunities, while working with our partners towards a regulated industry,” Alexandre Synnett,
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Celsius lawyer Josh Sussberg disclosed the receipt of cash-injection offers during a Tuesday bankruptcy hearing but didn't say how big the offers were. Moving hastily on this is “mission critical” for Celsius, Sussberg said. It’s customary for companies reorganizing in U.S. bankruptcy court to seek financing to keep their operations
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“They [Celsius] could obtain debtor-in-possession financing or sell assets,” Brandon M. Hammer, counsel at Cleary Gottlieb Steen & Hamilton, a law firm, told CoinDesk. “However, to take such steps they would need court approval, which requires notice and an opportunity for interested parties, like customers and the creditors committee, to
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A new bankruptcy coin report filed on Sunday shows that troubled crypto lender Celsius’ actual debt stands at $2.85 billion against their bankruptcy filing claims of a $1.2 billion deficit.The latest report shows that the company has net liabilities worth $6.6 billion and total assets under management at $3.8 billion.
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Crypto lending platform Celsius Network has an approximately $1.2 billion gap in its balance sheet, with most liabilities owed to its users. In addition, the firm has filed for bankruptcy protection, so its future looks bleak.Still, Celsius Network's native utility token CEL has soared in valuation by over 4,100% in
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Ripple Labs, which owns Ripple payments network and maintains the XRP ledger, is the latest company to weigh an acquisition of what, at one time, was one of the crypto industry’s largest lenders with $25 billion in assets; lending rival Nexo made a similar overture in June. FTX was also
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The Celsius (CEL) community has rallied on Twitter once again to fight off short positions against their favored crypto token despite multiple challenges faced by the exchange, including bankruptcy and rumors of the company’s CEO fleeing from the United States.Thousands of tweets with the #CelShortSqueeze tag have been posted on
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The Department of Financial Protection and Innovation of California (DFPI) continues to bring actions against crypto interest account providers, failing to comply with the local law. After commanding BlockFi and Voyager to stop their offerings in the state, the DFPI issued a desist and refrain order to crypto lending firm
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The address attributed to the Celsius founder by Nansen and Arkham sold CEL tokens for the first time since Celsius froze withdrawals. Source
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