Lending Firm EquitiesFirst Owes Celsius $439 Million

One of the debtors of crypto lender Celsius Network is lender EquitiesFirst, which was reportedly founded in 2002 and began offering crypto mortgages in 2016. Celsius began borrowing from EquitiesFirst in 2019, and when in 2021 Celsius repays EquitiesFirst for an excess mortgage, EquitiesFirst states that it will not be able to return its collateral in a timely manner. The debt has been slowly being repaid since September 2021, with repayments currently at $5 million per month. The $439 million debt is reportedly comprised of $361 million in cash and 3765 bitcoins (about $79 million). Previously, Celsius bankruptcy documents showed its liabilities at $5.5 billion and assets at $4.3 billion.