In its latest Chapter 11 filing, Celsius reported it expects its net cash flow to reach negative $137.2 million by the end of October
The cryptocurrency lender is left with a $40 million claim against Three Arrows Capital, CEO Alex Mashinsky said in a declaration
The company has kept its balance sheet private while paying down DeFi debts
Crypto lender adds David Barse and Alan Jeffrey Carr, terminates three others
Blockworks exclusive: Rival crypto lending firm Nexo reached out to Celsius, offering to help with liquidity
“While this is related to a matter that took place over four years ago and before he joined Celsius, we took the decision to suspend Yaron effective as of November 18, 2021,” an internal company letter shared with Blockworks stated.
CEO says expanding capabilities in the space will help the platform source more yield for its users as AUM grows.
On the surface this program would appear to contradict terms set out in Tether’s user agreement, but Tether said that the over-collateralization of such loans wouldn’t be a problem
The funding comes at a time when US regulators are threatening to crack down on the crypto industry and companies that offer yields on digital assets.
In less than a year, Celsius has grown its assets under management from $1 billion to over $20 billion.