Auction dates for the assets of the bankrupt Celsius platform have been set. A hearing on the sale also already has a date set.
Celsius up for auction
Cryptocurrency lending company Celsius Network has set official auction dates for the assets it holds. A motion to that effect was filed on October 3 in the US Bankruptcy Court for the Southern District of New York. As a result, it was decided that the auction will take place on October 20, at 10 a.m. Eastern time. In contrast, the sale hearing itself will take place on November 1. On this occasion, a very high turnout is expected. As a result, delays are also anticipated. Regarding the Zoom meeting, regulations have emerged, in which we can read important instructions:
“When parties log in to Zoom and add their names, they must enter a first and last name, which will be used to identify them at the Hearing. Parties who enter only their first name, nickname or initials will not be admitted to the Hearing.”
The announcement of the date of the asset auction is a very important step forward in the Celsius Network case. The platform has been on the lips of market observers again recently. Mainly due to the resignation of CEO Alex Mashinsky. In addition, the CEO of one of the leading market exchanges is interested in Celsius assets. A few days ago we reported on this fact in an article under the title: “Sam Bankman-Fried is considering buying Celsius assets”. Read it to stay up to date.
2022 a time for bankruptcies
Although the current year has not yet ended, it is already clear that by the vast majority of investors, it will be badly associated. After a time of a bull market, triggered by a covid, it was time for a bear market. This one definitely verified some of the projects present in the crypto space. The result was the collapse of Terra Luna and the related algorithmic stablecoin UST. Other big projects that failed to cope with the market situation were Three Arrows Capital and Voyager Digital. The auction of the first entity’s funds was ordered by the court in June this year. The second, on the other hand, filed for bankruptcy on July 11. Voyager Digital’s assets became attractive to FTX, which acquired them for nearly $1.4 billion.
FTX deals the cards
As we mentioned above, FTX is showing high interest in the Celsius assets. Bankman-Fried is active in the market for acquisitions of entities with weakening pillars. As he himself points out, the goal of the acquisitions is not at all to make profits, but to recover the funds lost by investors. Meanwhile, Celsius itself is taking steps in this regard. The platform, according to information reported by CNBC, plans to create a cryptocurrency called IOU and with its help make compensations. This information has not been officially confirmed so far.