Crypto journalist Tiffany Fong has named 5 crypto corporations, together with Binance, Financial institution to the Future, and Galaxy Digital, as secret bidders of bankrupt Celsius Community’s belongings.
In a Jan. 26 substack submit, Fong stated she had obtained leaked paperwork of Celsius bidding proposals which have been submitted in November 2022. Nonetheless, the bidding course of appears to have been halted.
As revealed within the leaked paperwork, Binance, Financial institution to the Future, Galaxy Digital, Cumberland DRW, and Novawulf had submitted their bidding proposals for Celsius’ belongings.
Highlights of the bidding sheet present that Binance had proposed to pay about $15 million for all Celsius liquid belongings and sure non-liquid belongings, excluding FTT and CEL tokens.
Particularly, about $12 million might be reserved for Celsius, whereas the remaining $3 million might be distributed to Celsius customers who migrate to Binance.
Alternatively, funding agency Financial institution to the Future proposed to have all liquid belongings and collateral returned to Celsius collectors on a pro-rata foundation below the administration of Financial institution to the Future.
Moreover, Galaxy Digital’s proposal revealed it intends to accumulate all illiquid and staked ETH belongings of Celsius for roughly $67 million, whereas Cumberland stated it will buy Celsius belongings, excluding CEL tokens, for roughly $1.8 billion.
Alternatively, funding agency Novawulf proposed to switch all Celsius belongings to NewCo. The brand new firm might be owned 100% by collectors who’ve entry to the corporate’s Asset and Income sharing tokens.
Financial institution to the Future CEO confirms leaked report
Financial institution to the Future CEO Simon Dixon confirmed through Twitter that Fong’s report was a real reflection of the proposal submitted by his firm for Celsius belongings.
Celsius’ restructuring plan
Celsius Community appears to have deserted the bidding proposals because it seems to be to restructure its enterprise.
On Jan. 24, Celsius lawyer Ross Kwasteniet disclosed that the crypto lender was trying to restructure right into a publicly-traded firm with correct licensing.
Moreover, Celsius may problem a brand new cryptocurrency to compensate its collectors as an alternative of promoting the corporate’s crypto belongings.
