Caisse de dépôt et Placement du Québec (CDPQ), Canada’s second largest pension fund, has reported an investment cancellation of CAD 200 million (~$150 million) to crypto lending platform Celsius Network. Blok writes about it.

Caisse de dépôt et Placement du Québec (CDPQ), Canada’s second largest pension fund, has reported an investment cancellation of CAD 200 million (~$150 million) to crypto lending platform Celsius Network. Blok writes about it.

The company explained that the step is connected with the principle of conservatism of financial statements.

Pension fund CEO Charles Emond admitted that he was in a rush to enter the industry, which is in its infancy. He added that Celsius has undergone a comprehensive review that “involves many experts and consultants”.

Over the past six months, CDPQ, with assets of CAD 392 billion ($303 billion), has lost an average of 7.9% to customers.

Recall that the pension fund supported Celsius Network in a $400 million round in October 2021.

On July 13, the platform filed for Chapter 11 bankruptcy in New York court. The company said its liabilities exceed its balance sheet assets by approximately $1.2 billion.

According to the latest estimate, the “hole” in Celsius Network’s balance sheet was $2.85 billion. From August to October, the platform will lose $137 million due to investments in its mining business and restructuring expenses as it has completely exhausted its cash reserves.

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