Bankrupt crypto lender Celsius to auction assets on Oct. 20 News ▸ Celsius ▸ Bankruptcy
Bankrupt crypto lender Celsius to auction assets on Oct. 20
Celsius investors have expressed reservations about selling the firm's assets to an external investor.
1 min read
Updated: Oct. 4, 2022 at 10:05 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Embattled crypto lender Celsius Network has set a final bid date of Oct. 17 for the sale of its assets, according to an Oct. 3 court filing.
According to the filing, the firm would auction its assets on Oct. 20, if necessary. The document revealed that a sales hearing is set for Nov. 1 before Chief US Bankruptcy Judge Martin Glenn via Zoom. It was also stated that the number of participants in the hearing is expected to be large.
Potential bidders
Several firms had previously shown interest in acquiring the assets of the struggling crypto firm.
Reports had revealed that FTX founder and CEO Sam Bankman-Fried could be bidding for the assets of the cryptocurrency lender. The crypto billionaire stated that his firm would pay a “fair market price” for Celsius’ assets if it gets involved in the bankrupt lender acquisition process.
He added that the goal of his acquisition would be to make Celsius’ customers whole.
Another potential bidder for the firm’s assets is Goldman Sachs. The leading financial institution was reportedly looking to raise $2 billion from investors to purchase Celsius crypto assets at a discount.
Meanwhile, Celsius investor Simon Dixon has expressed reservations about selling the bankrupt firm’s assets to an external investor. According to Dixon, only creditors can make other creditors whole.
Other Celsius users also shared the same view, saying the firm needs a re-organization, not a sale.
Need a re-org not a sale. nothing less then all our coins back is acceptable. Equity in the mining company is the way to fill the hole. IOU token for pain but equity is what will work.
— Jason © (@CeljayCel) September 30, 2022
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Posted In: Celsius, Bankruptcy
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Celsius Network is a P2P decentralized lending & borrowing platform.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Goldman Sachs
Goldman Sachs a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Alex Mashinsky, born in 1965 in the Soviet Union to a Jewish family, moved to Israel in the 1970s.
