Celsius CFO Debunks Rumors, Reveals Details About Mining Operations

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In a recent bankruptcy hearing call, Chris Ferraro, Celsius’ CFO, assures investors that the platform has enough funds to last until the end of 2022. 

The updates came a few days after a new report from the firm revealed that Celsius’ actual debt was $2.85B, more than twice the amount Celsius claimed in its bankruptcy filing. 

The new information about Celsius' actual debt, together with a report by Celsius’ lawyer that the platform will run out of funds by October, led many investors to believe that they would not be able to get their funds back from the former crypto lending giant.

However, Chris Ferraro puts these rumors to rest at a later meeting with creditors. Additionally, he spoke on behalf of Celsius’ CEO to reveal that the firm has been receiving loans amounting to $61M from crypto exchange Bitfinex.

Moreover, Ferraro claimed that the firm spent over $40M on its mining operation in its first two weeks after going bankrupt. Ferraro’s court filings suggest that Celsius believes its mining operations will generate 10K Bitcoins by 2022 and around 15K Bitcoins by 2023.

Lastly, the report stated that out of the 120K rigs purchased by the company, 49K are still in operation.

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In a recent bankruptcy hearing call, Chris Ferraro, Celsius’ CFO, assures investors that the platform has enough funds to last until the end of 2022. 

The updates came a few days after a new report from the firm revealed that Celsius’ actual debt was $2.85B, more than twice the amount Celsius claimed in its bankruptcy filing. 

The new information about Celsius' actual debt, together with a report by Celsius’ lawyer that the platform will run out of funds by October, led many investors to believe that they would not be able to get their funds back from the former crypto lending giant.

However, Chris Ferraro puts these rumors to rest at a later meeting with creditors. Additionally, he spoke on behalf of Celsius’ CEO to reveal that the firm has been receiving loans amounting to $61M from crypto exchange Bitfinex.

Moreover, Ferraro claimed that the firm spent over $40M on its mining operation in its first two weeks after going bankrupt. Ferraro’s court filings suggest that Celsius believes its mining operations will generate 10K Bitcoins by 2022 and around 15K Bitcoins by 2023.

Lastly, the report stated that out of the 120K rigs purchased by the company, 49K are still in operation.

Thanks for reading this far. We publish a weekly newsletter to deliver the latest crypto-related news straight to your inbox. Subscribe to our newsletter to stay updated on the top crypto stories for the week.

Written by
Ayush Pande