Celsius’ list of creditors includes Alameda Research and EquitiesFirst

Alameda Research and Sam Bankman-Fried has found itself in the heart of the storm that has rocked the cryptocurrency space, both as a lender and creditor to many struggling companies. Following reports indicating that Alameda Research was a major creditor to the company Travel digitallyit appears that Bankman-Fried has links to the crypto-lending platform Celsiuswho filed for bankruptcy on Wednesday.

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According to documents filed under Chapter 11 of the US Bankruptcy Code, Alameda Research is the 13th largest creditor in Celsius, which owes $ 12.7 million to Bankman-Peace’s trading company. But among the 100,000 other creditors in Celsius is also an entity unknown to the crypto market that goes by the name Pharos USD Fund SPwhose claim on Celsius is $ 81 million.

As reported by Bloomberg on Thursday, Pharos is associated with Alameda Research through Lantern Venturesa UK crypto trading company whose CEO and major shareholder are none other than Tara MacAulay, co-founder of Alameda Research. An SEC application also confirms that Pharos is a subsidiary of Lantern Ventures. The latter has approximately $ 400 million in assets under management. MacAulay also worked on Center for Effective Altruisma charity based in Oxford, UK, where Bankman-Fried also had a short stay.

Rumors had previously been circulating that FTX could acquire Celsius, but the cryptocurrency exchange and its CEO have reportedly opted out of the deal after a $ 2 billion hole was discovered in Celsius’ treasury. Bankruptcy filings show that Celsius’ balance sheet is about $ 1 billion in deficit, with $ 5.5 billion in liabilities – the vast majority of which are owed to users – and assets of only $ 4.3 billion.

Separately, another mysterious Celsius Network debtor is mentioned in the crypto lender’s bankruptcy application. EquitiesFirst, an institutional investment firm specializing in long-term asset-based financing. The Financial Times reported that last Thursday, the CEO of Celsius, Alex Mashinsky, had said in a court document that his company owed $ 439 million to a “private lending platform” that he did not identify. Celsius reportedly began borrowing from EquitiesFirst in 2019 to “support its operations,” according to the filing. Mashinsky said at the time that there was a “lack of institutional loans available to crypto companies.”

If the largest creditors could be partially compensated in the context of the bankruptcy procedure, the situation is more fragile for the individual investors, who are at high risk of losing everything. Either way, further details about Bankman Peace’s involvement in Celsius and Pharos are likely to emerge as the ongoing lawsuits in New York continue.

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