Bankrupt crypto lending firm Celsius has enough cash to make it through 2022, Chief Financial Officer Chris Ferraro revealed during a bankruptcy hearing call with creditors, according to a report.

During the call, Ferraro said that the additional funds are coming from $61 million in loans made to crypto exchange Bitfinex registered in the British Virgin Islands. These funds are maturing over the next few weeks, CoinDesk reported.

Ferraro added that another source of funds is the savings on sales and use taxes on mining rigs that Celsius had bought for its mining activities, amounting to around $20 million, the report said.

Interestingly, the CFO of the crypto lending firm believes that Celsius will be cash-to-flow positive by the beginning of 2023. However, according to a court filing by law firm Kirkland & Ellis LLP on Aug. 14, 2022, the lending platform was cash-to-flow negative and the firm's liquidity could only sustain it until the end of Oct. 2022.

But this does not seem to be the case now as per Ferraro's testament in the bankruptcy hearing call with the creditors. Celsius CEO Alex Mashinky was also present during the call but did not speak anything, the report said. The only speaker was Ferraro who answered all the questions the creditors threw at him.

Meanwhile, Celsius has been greenlit by Martin Glenn, chief judge of the U.S. Bankruptcy Court for the Southern District of New York, to access and sell the Bitcoin (BTC) it mined to fund its day-to-day operations and restructuring process.

On the other hand, Ripple Labs, a San Francisco-based blockchain payments company, is also planning to potentially purchase the assets of Celsius.

"We are interested in learning about Celsius and its assets, and whether any could be relevant to our business," a company spokesperson said, implying that Ripple aims to enter the crypto lending business.

Illustration shows Celsius Network logo and representations of cryptocurrencies
Read more