Celsius Acknowledges $1.2B Hole in Balance Sheet

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Celsius Network, the liquidity-strapped crypto lender that filed for bankruptcy protection, has a hole in its balance sheet amounting to $1.2 billion, according to a new court filing from the company's advisory partner Kirkland & Ellis.

The document, which was filed to the Bankruptcy Court of Southern District of New York, shows that Celsius holds $4.3 billion of assets and $5.5 billion of liabilities. Celsius filed for bankruptcy protection on Wednesday.

This is a developing story and will be updated.

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