As part of its Chapter 11 bankruptcy filings, cryptocurrency lender Celsius Networks filed a statement from CEO Alex Mashinsky. The most astonishing thing about the document isn’t the $1.2 billion shortfall. It’s that the CEO seems to genuinely believe the company can be restructured and won’t be blocked by every regulator around the globe.
The jaw-dropping document is a page-turner for all the wrong reasons. For example, Tether, the company with the largest stablecoin, is one of just four corporate investors in Celsius. The size of the investment is unclear.
The document appears to allege that the company already had a hole in the balance sheet before its Series B funding which raised $690 million in late 2021.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
