Celsius Network Announces FINAL Auction Date
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October 4, 2022 12:52 pm
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Celsius may soon be relieved of its troubles…
The firm filed for Chapter 11 Bankruptcy earlier this year after a sharp market downturn wiped away over $1 billion of the company’s assets.
Since the collapse of Celsius, numerous potential buyers have lined up to announce that they are ready and willing to buy the troubled entities’ assets, such as Ripple and FTX.
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Now we have an official date for the final sale of Celsius’ assets…
All bids will be required to be submitted by October 17th and an auction will be held on October 20th, if one is actually needed.
Currently, FTX’s Sam Bankman-Fried seems to be the leading contender in acquiring Celsius; however, it remains to be seen who will take the cake.
Here are the facts:
Bankrupt #crypto lending firm Celsius Network last bid deadline for its assets to be October 17 @ 4 p.m., auction to be held on October 20 @ 10 a.m – Court filing.#web3 #nfts
— CryptoBlockMetaverse (@CryptoBlockMeta) October 4, 2022
With a $1.2-billion gap in its balance sheet, the lending platform filed for Chapter 11 bankruptcy in July.
The much-anticipated auction of assets belonging to bankrupt Celsius Network is likely to begin later this month.https://t.co/YGhuD3WQhJ pic.twitter.com/6FCAwrx5sR
— cryptozia (@cryptozianews) October 4, 2022
According to Finbold:
According to the filing, a hearing about the sale will take place on November 1 at 11 a.m. before the Chief US Bankruptcy Judge Martin Glenn via Zoom. The filing also said that many participants are anticipated for the hearing.
Celsius Network had filed for bankruptcy following arguably the largest network collapse in the history of crypto. The lending platform had been caught in the crossfire, and further reports showed that it had a $1.2 billion hole… https://t.co/Y5IpsQiqLK
— OhNoCrypto (@OhNoCrypto) October 4, 2022
JUST IN: 🇺🇸 Crypto broker Celsius founder Mashinsky withdrew $10 MILLION from the firm weeks before freezing customer accounts and declaring bankruptcy – Financial Times
— Bitcoin Magazine (@BitcoinMagazine) October 2, 2022
Ethereum World News reminds readers:
In addition to this, Alex Mahinsky, CEO of Celsius Network, has recently submitted his resignation to the board. Mahinsky had reportedly withdrawn $10 million in the weeks before the firm halted deposits and withdrawals on its platform.
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