11 November 2022 23:07, UTC
Reading time: ~2 m
Troubled crypto lender Celsius reported exposure to the FTX exchange and sister trading firm Alameda Research that both filed for Chapter 11 bankruptcy protection on Friday.
Celsius tweeted “in the interest of transparency” that it held around 3.5 million mostly locked Serum tokens on FTX along with $13 million in loans to Alameda Research it said were under-collateralized.
“Our work to maximize stakeholder value continues as our singular focus,” the company said.
Celsius, a crypto lender that ran an alleged Ponzi-like scheme, filed for Chapter 11 bankruptcy protection in July of this year. In June, FTX had considered a deal with Celsius but walked away after seeing the firm’s finances. Five months later, Binance walked away from an acquisition deal with FTX after reviewing its finances.
Alameda has between $10 billion-$50 billion in assets and $10 billion-$50 billion in liabilities, along with over 100,000 creditors, The Block reported on Nov. 11.
Sourced from cryptonews.net.