- Celsius crypto lender, has attracted around 30 bidders.
As per official statements of Celsius Network, the company has received huge numbers of bids proposing a wide variety of potential agreements and business formats to acquire its assets. This also includes moving Celsius clients to the final acquirer’s platform.
Celsius also noted that they had received a wide variety of single-asset bids.
According to the December 20 Celsius filing, the financing arm has received more than or around 125 proposals since September; among these, around 30 have agreed and signed non-disclosure agreements.
On December 21, 2022, Celsius Network said in its Twitter post, “Earlier today, we updated the Court on the progress we are making across Celsius.” “We discussed our financial position, insight into our work on a standalone reorganization plan (NewCo), and the ongoing marketing process, among other topics.”
According to the Bloomberg report, US Bankruptcy Judge Martin Glenn ordered Celsius Network LLC to return cryptocurrency that never touched the lender’s interest-bearing accounts to its customers.
Celsius was created in 2017 to be one of the first cryptocurrency platforms to which users could transfer their crypto assets, earn rewards on crypto assets, and/or take loans using those transferred crypto assets as collateral. Celsius has more than 1.7 Million registered users and approximately 300,000 active users with account balances greater than $100.
The crypto lending platform paused its withdrawals in June and later announced its bankruptcy, causing borrowers who have been unable to get their collateral off the platform.
Alan Knitowski, who worked in Technology and Finance for more than 25 years and is CEO of a mobile software firm that trades on the Nasdaq, said in an interview, “Every aspect of what they did was wrong. If my CFO or I actually did anything that looked like this, we would immediately be charged.”
On December 02, 2022, Celsius announced that GalaxyHQ, a financial services and investment management innovator, confirmed their intention to substantially acquire all of the assets, liabilities, and contracts of GK8.
David Adler, a Bankruptcy Lawyer at McCarter & English representing Celsius creditors, said, “The big question is — who is entitled to the money they get from GK8?” Mr. Adler said he’s representing a group of 75 borrowers who have around $100 Million in digital assets on Celsius’ platform
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/12/22/celsius-reported-about-30-potential-applicant-following-approval-of-withdrawal-motion/