Crypto Analysts Criticize Optimistic Celsius Recovery Projections By CoinEdition

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Ben Armstrong questions the assumption of money reappearing on Celsius Network’s balance sheet.
Recovery projections for Celsius Network are likely to be limited, with a potential net recovery range of $400 million to $800 million.
Court documents reveal that Celsius Network did not properly record intercompany transactions.

Bitboy Crypto founder Ben Armstrong replied to a tweet by Thomas Braziel addressing the recovery projections for Celsius. He questions, “LMAO do you know how many years it will take to recover this? “

Moreover, court documents filed by bankrupt crypto lender Celsius Network reveal that they did not properly record transactions among their affiliate companies, making it difficult to determine intercompany claims accurately.

The documents, which were submitted in response to a court order from a New York bankruptcy court, demonstrate that the $9.1 billion intercompany claim that Celsius Network LLC held against its affiliates, Celsius Network Limited, did not take into account the lack of proper record-keeping, which included roughly 7,000 unrecorded transactions between the two entities in the three months prior to the bankruptcy filing.

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