Celsius Bankruptcy reveals some indirect connections of FTX’s CEO with one of its creditors

The list of creditors has grown since crypto lending company Celsius Network filed for Chapter 11 bankruptcy. Pharos USD Fund SP, which owes the company a sizable sum of $81 million, is its largest creditor. 

Major creditors of Celsius

According to a recent Bloomberg story, Celsius owes twice as much money as the company’s next-largest creditor, and the bankruptcy filing includes Pharos’ Cayman Islands address as well as the email address admin@lanternventures.com.

On the other hand, Celsius owes $13.3 million to ICB Solutions, a digital agency specialising in building brands’ reputations, making it the second-largest creditor.

Furthermore, a Google search for Pharos USD Fund ISP turns up little, while a job offer on the Lantern Ventures website lists Pharos as a London-based proprietary trading company that specialises in cryptocurrencies.

Pharos isn’t referenced on Lantern Ventures’ official LinkedIn page, but Pharos is listed as a Lantern affiliate in a SEC filing. According to the filing, the company manages about $400 million, more than half of which comes from investors outside of the US.

Connection of FTX with Lantern

An intriguing finding by Bloomberg is that some Lantern employees had employment histories that cross paths with those of Sam Bankman-Fried, the founder and CEO of FTX. In addition, Tara Mac Aulay, the company’s CEO, asserted in a November statement that she is also a co-founder of SBF’s cryptocurrency trading company, Alameda Research. She has also worked for the nonprofit, the Oxford-based Centre for Effective Altruism, where SBF previously served as director of development.

According to the Chapter 11 filing, Celsius owes Alameda $12.8 million, and SBF recently rejected a bailout request from the lending company because of a significant hole in its financial sheet.

On the other hand, when Alameda was contacted by Bloomberg, representatives said that Mac Aulay was a founding member of the company and that the company has no connections to Lantern Ventures.