Celsius shareholder presented three plans to save the platform from bankruptcy
Two of them involve restructuring and relaunching, another one involves funding from the community and large bitcoin holders
01.07.2022 - 12:10
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2 min
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What’s new? BnkToTheFuture CEO Simon Dixon has published three options for Celsius’ recovery, which would also save shareholders’ and depositors’ funds frozen by the platform “due to extreme market conditions” on June 13. Two of them involve restructuring and relaunching Celsius, another one is to raise funding from the platform’s community and large bitcoin holders.
More details about the initiative. All three proposals have been submitted for consideration by the community, with members also allowed to submit their own options for rescuing Celsius before a shareholder meeting is convened.
Proposal №1: A restructuring in order to relaunch the platform’s operation and enable investors to benefit through financial engineering.
Proposal №2: Raise funding from the Celsius community and the largest BTC holders. BnkToTheFuture applied a similar plan to restore Bitfinex in 2016. This plan was proposed by Dixon back on June 18.
Proposal №3: An operational plan that will allow a new structure and team to rebuild and win back depositors.
It is noted that the proposals involve risks, so a full refund is not guaranteed.
As BnkToTheFuture’s stake in Celsius exceeds 5%, the company’s representatives initiated a shareholder meeting, which “legally cannot be ignored by the Celsius board.”
Celsius situation. Immediately after the freezing of the platform’s customers’ funds, regulators in five US states launched an investigation into Celsius. The company later hired experts from the investment bank Citigroup to advise on finding new sources of financing, as well as lawyers from Akin Gump to conduct restructuring. On June 19, Celsius suspended its communication with the community within AMA sessions and Twitter Spaces voice chat. On June 24, investment bank Goldman Sachs announced plans to raise $2 billion to buy the platform’s assets.
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