Lender requests permission to pay some vendors; customers left out in the cold.
the company. KeyFi claimed it had not been paid for its work and that Celsius had mismanaged customer funds. The suit went as far as calling Celsius a “classic ‘Ponzi scheme.’”
Celsius listed over 100,000 creditors located around the world in the filing, amongst them Pharos USD Fund, with over $81 million owed. Alameda Research, funded by billionaire FTX CEO Sam Bankman-Fried, is owed almost $13 million. Bankman-Fried made headlines earlier this month for providing capital to ailing crypto lenders Voyager Digital and Celsius.
Celsius’ crypto mining unit was included in the bankruptcy, only months after it had filed paperwork for an initial public offering. In March, Celsius Mining announced it had confidentially submitted an S-1 draft registration to the Securities and Exchange before the crypto market downturn. Celsius joins crypto lender Voyager Digital in declaring bankruptcy. Both are being represented by the Kirkland & Ellis law firm.
Celsius’ native token, CEL, dropped 48% after the announcement, but has increased 4% since the filing last night. CEL hit an all-time high of $8.03 last year then fell to a record low of 28 cents in early June after customer withdrawals were paused. It’s currently 79 cents, according to
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