Though most crypto investors have good reason to be optimistic this week, Celsius creditors may be in for a bad deal if digital asset prices continue to climb.
The bankrupt crypto lending firm may soon be able to pay its cash-based debts simply by liquidating its newly profitable Bitcoin (BTC) and Ethereum (ETH) holdings alone. That would mean the bankruptcy gets away with more assets, while its counterparties are repaid at a far more difficult time to enter the crypto market.
The Celsius Dilemma
According to @CelsiusNewCo on X – an account managed by multiple Celsius creditors – the firm will be able to “rug pull all creditors” if BTC reaches $54,879 per coin, and if ETH reaches $3,750.
The account cited a thread from Simon Dixon – CEO of BankToTheFuture, a major Celsius investor – posted in July, using numbers calculated by his firm. The estimates were based on a 50/50 liquidation basis for each coin.
“It is very important that we get out of Chapter 11 before Bitcoin &a
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