Sure, Celsius may have topped up collateral in the meantime. But that would imply taking in the loan at a higher initial value. The numbers aren't exact, since we don't know when the loan was signed & negotiated.

The numbers don't need to be exact in any case given the magnitude of the discrepancies.

The core issue is, again, that Celsius stopped providing margin in May 2022 but were liquidated on June 15th.

Tether ate the loss for the difference in price between those two dates. Tether should have liquidated Celsius in May 2022, but didn't.

There's no way the math doesn't check out with tether ending up at a loss.

Similarly for the $190m of Celsius equity Tether bought, which is now worthless in bankruptcy proceedings.

The fact is Tether lost a 9 figure sum on Celsius. The only question is what the X is in a $X00,000,000 figure.