That happened that's how crazy this entire saga is they're out there buying buying a freaking yacht when the crypto world around them is blowing up celsius lays mining focused reorganization plan at first bankruptcy hearing the first day hearing revealed celsius is betting big on its also indebted mining operation to help fill the 12. Billion dollar hole in the company's balance sheet that is just said way too casually that is a massive hole crypto lender celsius has half a million creditors owed more than 5 billion. What a debacle court filings paint a concerning picture for celsius's. Creditors most of whom are average retail.

Investors the company has an enormous 12. Billion hole in its balance sheet. And at least and retail depositors. Who held the crypto in celsius accounts will likely be the last to get paid back so as they get some of the money understand retail is going to be the final one in the hierarchy of people who get paid back meaning.

There's probably the least amount of money left over for them. What came out in the court. Filing a little bit interesting of how they plan on getting some of this money back. So the hearing that started this past week.

Indicate that much of celsius's plan to recoup its losses. Depend heavily on the projected future profits of its half finished wholly owned mining subsidiary celsius mining lawyers for celsius asked the court on monday to approve a 5 million in spending to finish the construction of mining center in texas. As well as pay duties on mining rings. Currently sending with the customs authorities on the flip side of it.

Though. The attorney was saying don't let them do this there's one mining company that i don't believe is currently operable. But has caused the debtor a considerable amount of money. I'm not clear if construction may or may not be the best avenue for the debtor at this time.

Why not consider liquidating it and moving it on that's the other lawyer and then the judge ended up approving it anyway. So they are able to move forward with this. But that's quite a bit of a hole in the balance sheet the 12. Billion.

Get going with a mining setup. That's not even there yet celsius attorneys pushed back claiming that celsius operation already included more than 43 000. Mining rings which plans to reach 112 000 mining rings sometime in q2 of 2023 so if you're in celsius and you're very bullish on the world of crypto mining. This is probably something you like.

But then there are other people who hate hearing that as like the average customer on celsius. They're going to be the last one to get paid back. They see the size of this hole in the balance sheet. Like i said this whole thing is a debacle and.

Obviously it is far reaching genesis. Files a 12. Billion claim against three arrow capital. Remember three ac is kind of the thing that blew up because they're tara luna and then this had big impacts on celsius voyager.

The list goes on and on and on genesis parent company digital currency group has assumed genesis's liabilities in the case. It doesn't stop there though crypto trading firm tps capital denied ties to insolvent 3ac. But court documents indicate that there actually is a connection and wait. There's even more three arrow capital o.'s polka dot developer.

Moonbeam foundation over 27 million. According to recent court documents. The cherry on top here is if you look into some of the court filings that relate to 3ac right here recently reportedly a down payment on a 50 million dollar yacht with the yacht to be delivered sometime in the next two months in italy. So with all this craziness when the company was going downhill.

When crypto was going downhill they still made a down payment on a 50 million dollar yacht. When i say they i remember suzu and kyle davies from 3ac 3 aero capital. Yeah that happened that's how crazy this entire saga is they're out there buying a freaking yacht. When the crypto world around them is blowing up insane.