Celsius Network Ltd., a bankrupt cryptocurrency lender, has scheduled dates for the sale of its assets.
According to a document filed with the US Bankruptcy Court for the Southern District of New York on Monday, Celsius will have a final bid deadline of October 17 at 4 p.m., with an auction taking place if required on October 20 at 10 a.m.
The application stated that a sale hearing would take place on November 1 at 11 a.m. via Zoom before Chief US Bankruptcy Judge Martin Glenn and that many participants are anticipated.
Celsius took the fall in this year’s bear market
One of the most notable fatalities of this year’s cryptocurrency market collapse, which also included the TerraUSD stablecoin, hedge firm Three Arrows Capital, and lender Voyager Digital Ltd., was Celsius.
Founder Alex Mashinsky recently gave up the CEO position, handing it to Chief Financial Officer Chris Ferraro, a former employee of JPMorgan Chase & Co.
Sam Bankman-Fried, a cryptocurrency billionaire who has recently been assisting struggling business players, is thinking about making a bid for Celsius assets. Bloomberg’s earlier reports stated that Bankman is eyeing to get hold of the assets.
On September 22, it was discovered that FTX was in discussions with investors about financing $1 billion. If this fundraising is effective, the exchange would be able to keep its $32 billion worth despite the downturn market.
At the midpoint of 2022, Celsius disclosed a $1.2 billion deficit and filed for bankruptcy. Reuters first stated in August that Ripple was considering purchasing Celsius’s assets, but that interest has since subsided. In what appears to be a significant restructuring attempt, Brett Harrison has resigned from his post as president of FTX US and will shortly assume an advising role.
Fried’s digital asset exchange, FTX US, was chosen as the winning bidder for the assets of the defunct cryptocurrency business Voyager Digital Ltd., which was founded by billionaire Sam Bankman.
According to a statement released by Voyager Digital on Monday in New York, the arrangement is worth roughly $1.4 billion, which is made up of an “extra payout” of about $111 million and the $1.3 billion market value of each cryptocurrency owned by the insolvent company.
