A Major Crypto lender collapsed From $25 billion to $167 million.

Celsius is down to $167 million “in cash on hand,” which they say will provide “ample liquidity” to support operations during the restructuring process.

Celsius owes its users around $4.7B, according to its bankruptcy filing — and there’s an approximate $1.2B hole in its balance sheet.

The Crypto lender had $25 billion in assets under management, CEO Alex Mashinsky said, in October 2021.

According to its website, despite crashing cryptocurrency prices — the lender was managing about $11.8 billion in assets.

The firm had another $8 billion in client loans, making it one of the world’s biggest names in crypto lending.

The fall of Celsius marks the third major bankruptcy in the crypto ecosystem in two weeks, and it is being billed as crypto’s Lehman Brothers moment.

 "Most account activity will be paused until further notice”, Celsius clarified, after filing its bankruptcy petition.