Celsius owes users more than $4.7 billion

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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.

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