1 year ago
Crypto writer Tiffany Fong has named 5 crypto firms, including Binance, Bank to the Future, and Galaxy Digital, arsenic concealed bidders of bankrupt Celsius Network’s assets.
In a Jan. 26 substack post, Fong said she had obtained leaked documents of Celsius bidding proposals which were submitted successful November 2022. However, the bidding process seems to person been halted.
As revealed successful the leaked documents, Binance, Bank to the Future, Galaxy Digital, Cumberland DRW, and Novawulf had submitted their bidding proposals for Celsius’ assets.
Highlights of the bidding expanse amusement that Binance had projected to wage astir $15 cardinal for each Celsius liquid assets and definite non-liquid assets, excluding FTT and CEL tokens.
Specifically, astir $12 cardinal volition beryllium reserved for Celsius, portion the remaining $3 cardinal volition beryllium distributed to Celsius users who migrate to Binance.
On the different hand, concern steadfast Bank to the Future projected to person each liquid assets and collateral returned to Celsius creditors connected a pro-rata ground nether the absorption of Bank to the Future.
Furthermore, Galaxy Digital’s connection revealed it intends to get each illiquid and staked ETH assets of Celsius for astir $67 million, portion Cumberland said it would acquisition Celsius assets, excluding CEL tokens, for astir $1.8 billion.
On the different hand, concern steadfast Novawulf projected to transportation each Celsius assets to NewCo. The caller institution volition beryllium owned 100% by creditors who person entree to the company’s Asset and Revenue sharing tokens.
Bank to the Future CEO confirms leaked report
Bank to the Future CEO Simon Dixon confirmed via Twitter that Fong’s study was a existent reflection of the connection submitted by his institution for Celsius assets.
Simon Dixon via TwitterCelsius’ restructuring plan
Celsius Network seems to person abandoned the bidding proposals arsenic it looks to restructure its business.
On Jan. 24, Celsius lawyer Ross Kwasteniet disclosed that the crypto lender was looking to restructure into a publicly-traded institution with due licensing.
Additionally, Celsius could contented a caller cryptocurrency to compensate its creditors alternatively of selling the company’s crypto assets.
The station Binance, Bank to the Future among concealed bidders of Celsius assets – Tiffany Fong appeared archetypal connected CryptoSlate.
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