Celsius will sell its assets through the auction on October 20

FTX cryptocurrency exchange CEO Sam Bankman-Fried may take part in the auction

04.10.2022 - 10:45

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What’s new? The bankrupt crypto lending platform Celsius Network will hold the auction to sell its assets. According to a filing sent to the US court, the deadline to submit a bid is October 17. The auction itself will take place on October 20. A sale hearing is set for November 1 and will be conducted by Chief US Bankruptcy Judge Martin Glenn.

Celsius’ filing

More details about the situation. Bloomberg previously reported that FTX cryptocurrency exchange CEO Sam Bankman-Fried is going to take part in bidding for Celsius’ assets. According to insiders, FTX is also seeking $1 billion in funding.

In June, Celsius froze customer funds, citing unfavorable market conditions. On July 13, it filed for bankruptcy. In September, Celsius CEO Alex Mashinsky unveiled a new plan to restructure Celsius into a custodial platform and later tendered his resignation.

It also became known that Mashinsky withdrew $10 million from the company in the weeks before the freeze of customer funds. The former head of the company explained that he and his family kept $44 million in cryptocurrency in Celsius.

To find out what caused the bankruptcy of Celsius, one of the largest crypto lenders, see GetBlock Magazine’s article.

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