Celsius Scheduled An Auction Of Assets

Celsius Network has scheduled an auction of its assets. The insolvent cryptocurrency lender will have a final bid deadline of Oct. 17 at 8 p.m. UTC, followed by an auction on Oct. 20 at 2 p.m. UTC if required.

According to a filing with the United States Bankruptcy Court for the Southern District of New York dated Monday, a sale hearing will be placed on Nov. 1 at 3 p.m. UTC before Chief U.S. Bankruptcy Judge Martin Glenn via Zoomer.

Celsius declared bankruptcy in July, about a month after freezing client withdrawals and locking billions of dollars in over a million accounts. According to recent court records, Celsius’s liabilities exceeded $6.7 billion but its assets were only valued at roughly $3.9 billion, resulting in a $2.8 billion balance sheet shortfall.

Last week, Celsius founder and CEO Alex Mashinsky quit amid bankruptcy proceedings. Mashinsky is said to have withdrawn $10 million before the business halted customer withdrawals and filed bankruptcy.

According to a court filing on Monday, a big number of people are scheduled to attend Celsius’s sale hearing. It will be interesting to watch who makes the largest and best bid for the firm’s assets.

As CoinCu reported, FTX CEO Sam Bankman-Fried is considering bidding on Celsius’s assets. Last week, FTX’s US unit won an auction for the assets of insolvent crypto business Voyager Digital, with a price of almost $1.4 billion.

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Harold

CoinCu News