A day after filing for Chapter 11 bankruptcy, Celsius Network disclosed a US$1.19 billion deficit in its balance sheet in a new filing on Thursday by restructuring lawyers Kirkland & Ellis LLP.

See related article: Celsius files for bankruptcy after closing DeFi loans

Fast facts

• The document showed that Celsius had US$4.31 billion in assets and US$5.5 billion worth of liabilities as of July 13.

• User liabilities form the major chunk of liabilities at US$4.72 billion and Celsius’ cryptocurrencies form assets worth US$1.75 billion.

• According to the company website, Celsius had nearly US$12 billion in assets under management in May 2022.

• Last month, FTX reportedly walked away from making a deal with Celsius after it found a “US$2 billion hole” in the lender’s balance sheet.

• Vermont’s Department of Financial Regulation (DFR) also noted on Tuesday that it believed Celsius to be “deeply insolvent” and “lacks the assets and liquidity to honor its obligations to account holders and other creditors.”

• Celsius’ bankruptcy filing comes after the lender closed all decentralized finance (DeFi) loans worth US$223 to Maker protocol, US$235 million to Aave, and around US$258 to Compound, unlocking over US$1 billion in locked collateral.

See related article: Celsius pays off USDC loan on Aave, unlocks over US$41 7 mln in collateral