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Celsius CFO Debunks Rumors, Reveals Details About Mining Operations

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. 
Crypto lending
Dot
August 23, 2022
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

in
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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.

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NewsBestReviews
Crypto lending
August 23, 2022

Celsius CFO Debunks Rumors, Reveals Details About Mining Operations

HomeCrypto lending
Blog Post
Contents

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.

‍

Celsius Network
Bitcoin Mining
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

in

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
Celsius Network
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Advertiser disclosure: Bitcompare is a comparison engine that relies on advertising for funding. The business opportunities that can be found on this site are offered by companies with which Bitcompare has made deals. This relationship may affect the way and where products appear on the site, such as in what order they are listed in categories. Information about products may also be placed based on other factors, such as the ranking algorithms on our website. Bitcompare does not look at or list all companies or products on the market.
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Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.