Celsius Owes Users More Than $4.7 Billion

Celsius Network LLC has a roughly $1.2 billion hole in its balance sheet, with the majority of its liabilities owed to the cryptocurrency lender’s users, according to a Thursday filing by Chief Executive Alex Mashinsky.

Of Celsius’s $5.5 billion in total liabilities, more than $4.7 billion is owed to Celsius’s users, according to the declaration Mr. Mashinsky submitted to bankruptcy court.