Binance, Bank to the Future among secret bidders of Celsius assets – Tiffany Fong

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Cryp­to jour­nal­ist Tiffany Fong has named five cryp­to firms, includ­ing Binance, Bank to the Future, and Galaxy Dig­i­tal, as secret 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 in Novem­ber 2022. How­ev­er, the bid­ding process seems to have been halted.

As revealed in 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 sheet show that Binance had pro­posed to pay about $15 mil­lion for all Cel­sius liq­uid assets and cer­tain non-liq­uid assets, exclud­ing FTT and CEL tokens.

Specif­i­cal­ly, about $12 mil­lion will be reserved for Cel­sius, while the remain­ing $3 mil­lion will be dis­trib­uted to Cel­sius users who migrate to Binance.

On the oth­er hand, invest­ment firm Bank to the Future pro­posed to have all liq­uid assets and col­lat­er­al returned to Cel­sius cred­i­tors on a pro-rata basis under the man­age­ment of Bank to the Future.

Fur­ther­more, Galaxy Digital’s pro­pos­al revealed it intends to acquire all illiq­uid and staked ETH assets of Cel­sius for approx­i­mate­ly $67 mil­lion, while Cum­ber­land said it would pur­chase Cel­sius assets, exclud­ing CEL tokens, for approx­i­mate­ly $1.8 billion.

On the oth­er hand, invest­ment firm Novawulf pro­posed to trans­fer all Cel­sius assets to New­Co. The new com­pa­ny will be owned 100% by cred­i­tors who have access 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 report was a true reflec­tion of the pro­pos­al sub­mit­ted by his com­pa­ny for Cel­sius assets.

Simon Dixon via Twitter
Simon Dixon via Twitter

Celsius’ restructuring plan

Cel­sius Net­work seems to have aban­doned the bid­ding pro­pos­als as 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 com­pa­ny with prop­er licensing.

Addi­tion­al­ly, Cel­sius could issue a new cryp­tocur­ren­cy to com­pen­sate its cred­i­tors instead of sell­ing the company’s cryp­to assets.



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