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MUR
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MVR
MVR
MVR
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MWK
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MVR
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MWK
MWK
MWK
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MWK
MWK
MWK
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MXN
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MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MYR
MYR
MYR
MXN
MYR
MYR
MYR
MYR
MYR
MYR
MYR
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MZN
MZN
MZN
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NAD
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NAD
NAD
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OMR
OMR
OMR
OMR
OMR
OMR
OMR
OMR
OMR
PAB
PAB
PAB
PAB
PAB
PAB
PAB
PAB
PAB
PAB
PAB
PAB
PEN
PEN
PEN
PEN
PAB
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
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PGK
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PGK
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PHP
PHP
PHP
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PHP
PHP
PHP
PHP
PHP
PHP
PHP
PHP
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PKR
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PKR
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PLN
PLN
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PLN
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RON
RON
RON
RON
RON
RON
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RSD
RSD
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RSD
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RUB
RUB
RUB
RUB
RUB
RUB
RUB
RUB
RUB
RUB
RUB
RWF
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RWF
RWF
RWF
RWF
RWF
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RWF
RWF
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SAR
SAR
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SAR
SAR
SAR
SAR
SAR
SAR
SAR
SBD
SBD
SBD
SAR
SBD
SBD
SBD
SBD
SBD
SBD
SBD
SBD
SBD
SBD
SBD
SCR
SCR
SCR
SCR
SCR
SCR
SCR
SCR
SCR
SCR
SCR
SCR
SDG
SDG
SCR
SDG
SDG
SDG
SDG
SDG
SDG
SDG
SDG
SDG
SDG
SDG
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SGD
SGD
SEK
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SGD
SHP
SHP
SHP
SHP
SHP
SHP
SHP
SHP
SHP
SHP
SHP
SHP
SLL
SLL
SHP
SLL
SLL
SLL
SLL
SLL
SLL
SLL
SLL
SLL
SLL
SLL
SRD
SRD
SRD
SRD
SRD
SRD
SRD
SRD
SRD
SRD
SRD
SRD
SSP
SSP
SRD
SSP
SSP
SSP
SSP
SSP
SSP
SSP
SSP
SSP
SSP
SSP
STD
STD
STD
STD
STD
STD
STD
STD
STD
STD
STD
STD
STN
STN
STD
STN
STN
STN
STN
STN
STN
STN
STN
STN
STN
STN
SVC
SVC
SVC
SVC
SVC
SVC
SVC
SVC
SVC
SVC
SVC
SVC
SYP
SYP
SVC
SYP
SYP
SYP
SYP
SYP
SYP
SYP
SYP
SYP
SYP
SYP
SZL
SZL
SZL
SZL
SZL
SZL
SZL
SZL
SZL
SZL
SZL
SZL
THB
THB
SZL
THB
THB
THB
THB
THB
THB
THB
THB
THB
THB
THB
TJS
TJS
TJS
TJS
TJS
TJS
TJS
TJS
TJS
TJS
TJS
TJS
TMT
TMT
TJS
TMT
TMT
TMT
TMT
TMT
TMT
TMT
TMT
TMT
TMT
TMT
TND
TND
TND
TND
TND
TND
TND
TND
TND
TND
TND
TND
TOP
TOP
TND
TOP
TOP
TOP
TOP
TOP
TOP
TOP
TOP
TOP
TOP
TOP
TOP
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TRY
TTD
TTD
TRY
TTD
TTD
TTD
TTD
TTD
TTD
TTD
TTD
TTD
TTD
TTD
TTD
TWD
TWD
TWD
TWD
TWD
TWD
TWD
TWD
TWD
TWD
TWD
TWD
TWD
TZS
TZS
TWD
TZS
TZS
TZS
TZS
TZS
TZS
TZS
TZS
TZS
TZS
TZS
TZS
UAH
UAH
UAH
UAH
UAH
UAH
UAH
UAH
UAH
UAH
UAH
UAH
UAH
UGX
UGX
UAH
UGX
UGX
UGX
UGX
UGX
UGX
UGX
UGX
UGX
UGX
UGX
UGX
UYU
UYU
UYU
UYU
UYU
UYU
UYU
UYU
UYU
UYU
UYU
UYU
UYU
UZS
UZS
UYU
UZS
UZS
UZS
UZS
UZS
UZS
UZS
UZS
UZS
UZS
UZS
UZS
VES
VES
VES
VES
VES
VES
VES
VES
VES
VES
VES
VES
VES
VND
VND
VES
VND
VND
VND
VND
VND
VND
VND
VND
VND
VND
VND
VND
VUV
VUV
VUV
VUV
VUV
VUV
VUV
VUV
VUV
VUV
VUV
VUV
VUV
WST
WST
VUV
WST
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Cryptocurrencies54.01%
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Seeking Alpha
2022-06-29 16:50:39
Celsius Network's premise was far riskier than sales pitch purported - WSJ
Celsius Network CEO Alex Mashinsky built the cryptocurrency lender on the basis that the firm offered customers better returns than banks but had lower risk. However, investor documents showed that the business was a far risker than traditional banks, the Wall Street Journal reported Wednesday.The company issued many large loans backed with little collateral, meaning it had little to protect it from a downturn, and made investments that would be difficult to unwind if customers sought to withdraw their money, the WSJ said, citing investor documents from 2021 that it had reviewed.As of last summer, Celsius had $19B of assets for ~$1B of equity, before it raised new funds, according to the 2021 documents. By comparison, the median assets-to-equity ratio for all North American banks in the S&P 1500 Composite index was ~9-to-1, about half of Celsius's ratio, according to FactSet Data.That 19-to-1 ratio is seen as even riskier given that some of its assets were investments in the volatile crypto sector, Eric Budish, an economist at the University of Chicago's business school told the WSJ.Last week, the Journal reported that Celsius Network had hired restructuring consultants for a potential bankruptcy filing more than a week after it halted withdrawals due to "extreme market conditions" and its CEL digital token (CEL-USD) plunged over 50% in 24 hours.
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