00:00Welcome back to Decentralized News. So a quick update. It is said that Equities First
00:06actually is the one that's owing Celsius $430 million. According to a report,
00:15they said an over-collateralized loan turned into a debt owed to Celsius when
00:21Equities First found itself unable to pay the funds. So what we need to understand here is
00:29crypto lending company Celsius is currently owed allegedly $439 million by Equities First.
00:36Court filings and a new report from the Financial Times actually indicates that
00:40Celsius had originally borrowed funds from Equities First against crypto collateral. However,
00:48when it is fully repaid its debt, the company was unable to immediately actually return the
00:55collateral and actually became the debtor. So a court filing indicates Equities First is also
01:02accredited to Three Arrows Capital, meaning that Celsius had indirect exposure to the bankrupt
01:08crypto hedge fund Three Arrows Capital. And now Celsius is said to have been owed $439 million
01:17from a single counterparty, which is this Equities First. I'm not sure how these guys were doing their due
01:25diligence and how they were entrusting these entities that, you know, of course, none of us have even
01:32heard about with so much funds. And yeah, this is quite interesting. So they said that it is all this
01:42amount of money. And Equities First, which has actually been paying off the debt by $5 million
01:48each month. Celsius involuntarily became Equities First creditor when the investment firm became
01:55incapable of returning the collateral Celsius had provided for the loan. So from debtor involuntary,
02:03from debtor to involuntary creditor, of course, this is what the situation is all about. Let me know
02:11what you guys think. Celsius CEO Alex Mashinsky stated in a court filing yesterday that Celsius
02:18had actually initially borrowed money from Equities First and identified simply as a private lending
02:25platform in the document in 2019 against collateral in the form of cryptocurrencies. However, when the
02:32firm tried repaying its loans to retrieve its collateral, it was informed Equities First could
02:39not immediately return the collateral. And because the loan was made on an over-collateralized basis,
02:46Celsius therefore switched from owing Equities First to being its creditor. And the initial debt of
02:54$509 million was shaved down to $439 million by $5 million in monthly repayments from Equities First.
03:02The court filing indicates Celsius has $5.5 billion in liabilities and only $4.3 billion in assets.
03:13So this is the ongoing saga with Celsius and that whole debacle. As a Celsius user, I'm so happy that I had
03:25pulled out my money way before this had taken place. But of course, a lot of people have been affected and my
03:31heart goes out to all these people. And I just wanted to give you an update on what's going on.
03:36I'm hoping people will be able to retrieve their funds. But yeah, you know, let me know if you know
03:42any more about the true situation of what's going on with these stories, then please do share here.
03:51So we can also share it with the community. Don't forget to check out the links in the description,
03:56like, share, subscribe, and turn on the notifications. Just subscribe to the channel,
04:02and I'll see you in the next video. Peace.
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