Celsius Network, the liquidity-bound crypto lender who filed for bankruptcy protection, has a $ 1.2 billion hole in its balance sheet, according to a new court filing from the company’s advisory partner Kirkland & Ellis.

The document, filed with the Bankruptcy Court in Southern District of New York, shows that Celsius has $ 4.3 billion in assets and $ 5.5 billion in liabilities. Celsius filed for bankruptcy protection Wednesday.

This is an evolving story and will be updated.