Celsius acknowledges $1.2B hole in balance sheet
If I read it correctly it's more like a 1.8 bn hole.<p>They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless.<p>I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd.<p>It's like writing yourself a bunch of IOUs and claiming it gives you wealth.