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Fuzzy Mammal posted:it's up: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174907142280000000096.pdf there's a $1.2b hole, plus $600m of their "assets" are their CEL token which is worthless except to retire the $210m of their debt denominated in that, so $1.6b hole and that's before snickering at the value they put on their mining operation of $720 million, which suggests they believe it has not depreciated a penny with bitcoin at a third of the price it was when they started building it
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Jul 14, 2022 20:17
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opensea is laying off ~20% of staff https://twitter.com/dfinzer/status/1547648521607659522
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Jul 14, 2022 20:19
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Blotto_Otter posted:looks like more folks are noticing that and asking questions: lol at the quoted tweet: https://twitter.com/dcsilver/status/1547626085432455168 today is a sad day in crypto, thoughts and prayers
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Jul 14, 2022 20:21
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(read the statement) Does any of these crypto exchanges/hedge funds/bank invest in anything that is not crypto-related? Everybody seems to have the same plan of "I'll get suckers to invest on us by offering good returns and I'll reinvest their coins into other crypto businesses trying to get suckers to invest on them by offering even better returns". Like, at one point someone has to- maybe by mistake- build a house or something, no?
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Jul 14, 2022 20:22
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epitaph posted:opensea is laying off ~20% of staff i love saying goodbye to friends
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Jul 14, 2022 20:22
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epitaph posted:opensea is laying off ~20% of staff because bitcoin is so dumb, watch that 20% equal like 500 people
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Jul 14, 2022 20:22
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epitaph posted:opensea is laying off ~20% of staff what proven "product-market fit", you basically are both the product and the market, and also probably the customer in most cases
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Jul 14, 2022 20:23
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evilweasel posted:there's a $1.2b hole, plus $600m of their "assets" are their CEL token which is worthless except to retire the $210m of their debt denominated in that, so $1.6b hole Their assets also include over $600 million in crypto loans, and I only skimmed it but I couldn't find much discussion on whether or not all those balances are still collectible. They also mention these are non-GAAP figures but are silent as to how they deviate from GAAP, raising even more questions about how they've valued and accounted for everything. Also, a question for the bankruptcy guys: the last page, Exhibit M, shows total cash receipts and disbursements for the last 30 days. That clearly omits the hundreds of millions worth of crypto disbursements they've made in the last few weeks. I assume that is technically proper for purposes of this exhibit, but, uh... is it safe to assume the judge will have many questions about all their crypto loan repayments from the last month or so?
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Jul 14, 2022 20:23
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trucutru posted:(read the statement) what are you, poor? this is poor person thinking! too the moon.
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Jul 14, 2022 20:23
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trucutru posted:(read the statement) houses of cards tend to be cards all the way down. either they're true believers who wouldn't feel the need to hedge their bets, or they've always been scammers and wanted to pump it for all it was worth before it collapsed
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Jul 14, 2022 20:24
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Fuzzy Mammal posted:it's up: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174907142280000000096.pdf I did a ctrl-F for "Tether" and these are some interesting bits: Mashinsky filing posted:III. Celsius’ Prepetition Corporate and Capital Structure. So Tether held an equity stake in Celsius, had a near-billion USDT loan to Celsius, and was presumably holding a billion-ish in crypto from Celsius as collateral, and none of that was ever even hinted at in any of Tether's bullshit "transparency" misdirection efforts until they tried to get out in front of this bankruptcy filing with their weird panicky blogpost last week
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Jul 14, 2022 20:31
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 That's a lot of real liabilities and a fuckload of fake assets. -Hey bob, How many of our crypto loans do you think will go south? -Dunno, A third? -930/3 = 310
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Jul 14, 2022 20:41
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haveblue posted:houses of cards tend to be cards all the way down. either they're true believers who wouldn't feel the need to hedge their bets, or they've always been scammers and wanted to pump it for all it was worth before it collapsed a perfectly justified post 
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Jul 14, 2022 20:42
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Weatherman posted:a perfectly justified post needs ", lmao" to make it line up perfectly
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Jul 14, 2022 20:43
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Shame Boy posted:lol at the quoted tweet: airdrops and prayers
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Jul 14, 2022 20:45
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Wait a minute Zoom, paint enhance!     They are using their pre-crash market cap (and that's assuming they own all the CEL and can sell them all at that price) trucutru fucked around with this message at 20:54 on Jul 14, 2022 |
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Jul 14, 2022 20:52
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Re: the Celsius filing... what the hell is this?Mashinsky posted:94. Moreover, to support its operations, from October 2019 to February 2021, due to the lack of institutional lending available to cryptocurrency companies, the Company took out collateralized term-loans from a private lending platform. In July 2021, when Celsius attempted to repay one of its loans, it was informed for the first time that the lender was unable to return the Company’s collateral on a timely basis, resulting in Celsius having an approximately $509 million uncollateralized claim against this party after it setoff its own loan obligations to the lender. Since September 2021, the lender has made regular principal payments to the Company, and continues to make timely payments that are currently in excess of $5 million per month. The aggregate principal owed to the Company stands at approximately $439 million, consisting of $361 million in USD and 3,765 BTC, the latter worth approximately $78 million. So Celsius took out overcollateralized secured loans from a "private lending platform", posted their collateral... and then their lender lost the collateral, such that the lender now owed Celsius a half a billion dollars? And that "lender" still owes them $439 million?? Am I reading this poo poo correctly? edit: trucutru posted:Wait a minute Blotto_Otter fucked around with this message at 20:55 on Jul 14, 2022 |
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Jul 14, 2022 20:53
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Weatherman posted:a perfectly justified post
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Jul 14, 2022 20:54
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what is more perfectly justified - that post? or - everything that mark karpeles did?
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Jul 14, 2022 20:57
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Blotto_Otter posted:Re: the Celsius filing... what the hell is this? Haven't you ever dropped some nice bling at a pawn shop to get some cash and then, when you go back and pay up they have exchanged your gold for a picture of a monkey which you have no use for? It happens more often than you think.
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Jul 14, 2022 20:58
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trucutru posted:
so how is the celcius subreddit responding to this little deficit? quote:dmoe05 5 points 42 minutes ago quote:Patient-Ad-9240 4 points 29 minutes ago quote:dmoe05 2 points 27 minutes ago
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Jul 14, 2022 21:00
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Crust First posted:dmoe05 2 points 27 minutes ago someone make a venn diagram of the dudes that think going into a higher tax bracket makes them lose money and dudes that think tax writeoffs are 100% dollar-for-dollar refundable tax credits
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Jul 14, 2022 21:02
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my initial take is that they took in $4.7b worth of money and have $0.170b remaining.
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Jul 14, 2022 21:05
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Blotto_Otter posted:Re: the Celsius filing... what the hell is this? i mean to be fair if i were a definitely not loan shark dealing with a crypto company i would just assume they would never be paying me back and the collateral was mine immediately too
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Jul 14, 2022 21:11
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Crust First posted:so how is the celcius subreddit responding to this little deficit? lmao yes that is how actual bankruptcy goes, everyone just pitches in a little of their account balance to make the company solvent again and everything is fine. there definitely isn't any sort of hierarchy of who gets paid first or anything
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Jul 14, 2022 21:13
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trucutru posted:(read the statement) that's the thing about the ridiculous returns they offer: there's no way to make that much money investing in traditional things, like mortgages. the only way to make returns like that is to invest in extremely volatile assets, aka crypto. of course that volatility can go in the other direction
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Jul 14, 2022 21:14
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Shame Boy posted:lmao yes that is how actual bankruptcy goes, everyone just pitches in a little of their account balance to make the company solvent again and everything is fine. there definitely isn't any sort of hierarchy of who gets paid first or anything and yet nobody will invest in my "give me your money and I will give you 50% of it back in a year" plan, even though it's clearly the best returns in the crypto space.
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Jul 14, 2022 21:20
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Shame Boy posted:which is the one where the execs were mystery people nobody had ever seen or could find with profile pictures that were just like, renderings, and they kept issuing press releases assuring everyone that their CEO is definitely honestly 100% a real person, we swear, no you can't meet him he lives in canada https://defector.com/what-the-hell-is-this-company-the-76ers-just-partnered-with/ Not sure if you meant this one since i have no doubt there are multiple instances of this
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Jul 14, 2022 21:24
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did anybody post this because lol
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Jul 14, 2022 21:26
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trucutru posted:(read the statement) I mean this is the pirateat40 thing all over again, where everyone with a ridiculous apr claims to only be investing in solid crypto businesses, only to find out that at the bottom was one guy running a ponzi scheme.
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Jul 14, 2022 21:26
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ryde posted:I mean this is the pirateat40 thing all over again, where everyone with a ridiculous apr claims to only be investing in solid crypto businesses, only to find out that at the bottom was one guy running a ponzi scheme. To be fair to pirateat40 at that time people expected him to be investing in solid illegal drug businesses. Now that has some real returns.
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Jul 14, 2022 21:34
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Crust First posted:did anybody post this because lol trusteeless bankruptcy
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Jul 14, 2022 21:44
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trucutru posted:
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Jul 14, 2022 21:49
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Blotto_Otter posted:Re: the Celsius filing... what the hell is this? yeah, i think that's accurate if a bit confusing, because how in the actual hell lmao
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Jul 14, 2022 22:32
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Beeftweeter posted:yeah, i think that's accurate if a bit confusing, because how in the actual hell lmao defi is about innovation, we're going to see so many ways to lose money never imagined before
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Jul 14, 2022 22:57
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defi expectations
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Jul 14, 2022 23:00
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qirex posted:defi is about innovation, we're going to see so many ways to lose money never imagined before luna coins, eh? what a time to be alive
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Jul 14, 2022 23:14
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Blotto_Otter posted:I did a ctrl-F for "Tether" and these are some interesting bits: Wait Was the Caisse de Dépôt de Québec putting pension funds into crypto? Or I misreading what the quoted section is discussing Edir: lmao quote:Because of its early success, Celsius attracted major global investors, including the Caisse, which bought in as part of a US$400-million funding round that valued the company at about US$3-billion late last year. kalensc fucked around with this message at 23:33 on Jul 14, 2022 |
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Jul 14, 2022 23:25
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Them, and the OTPP too.
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Jul 14, 2022 23:29
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kalensc posted:Wait i don't remember which ones specifically, but yeah iirc canada's largest pension funds are heavily invested in celcius on one hand there is a possible bright side in that they apparently paid some debt, but on the other it's unlikely to have been anything besides other crypto garbage. sorry 
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Jul 14, 2022 23:34
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