VC firm Fabric Ventures has committed to investing $8 million, but bankrupt cryptocurrency lender Celsius is demanding more than $6 million of that amount.
Celsius claims he has paid off his debt.
According to one Court filing submitted On January 17, Fabrice agreed to make three payments totaling more than $8 million. Series B round of Celsius Fundraising.
Celsius claims to have cleared its extended Series B round in November 2021 at a $3.25 billion valuation, raising a $400 million investment to about $750 million.
Fabric’s first $2 million investment was made in May in a venture established in April last year. A substantial installment of $2 million in June and $4 million in July was planned.
However, this idea did not work as expected.
In July, about a month after freezing up billions of dollars spread across more than a million accounts and freezing client returns, the troubled lender filed for bankruptcy. Recent court records show Celsius has a $2.8 billion financial statement deficit, with its liabilities exceeding its $6.7 billion in assets.
According to a recently filed court document, the lawsuit seeks reimbursement for two outstanding payments, $6,003,379, including interest, fees, and any additional relief specified in the filing.
Initial investment of Fabric Ventures
Fabric Ventures, a venture capital company, invests in scalable decentralized networks. Since 2012, Fabric has invested in creators, companies and digital assets at every stage of development.
Before its recent financial problems, Celsius had suffered several operational setbacks. Alex Mashinskythe former CEO of Celsius, could also be Face the blame To defraud investors.
As word got out of financial difficulties at Celsius, court filings show that Fabrice also tried to withdraw its initial $2 million advance pending project completion.
Despite being contacted for a statement, Celsius remained silent. Fabric Ventures also chose not to issue a comment on the matter.
It is the latest in a long line of bankruptcy proceedings overseen by US law firm Kirkland & Ellis for Celsius. Documents from last week indicated that the lender has begun the process of selling its bitcoin mining hardware for $1.3 million.
According to Notice of Sale Filed Jan. 11 in the U.S. Bankruptcy Court for the Southern District of New York, it sells about 2,700 “new in the box” MicroBT M30S units.
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