According to information that was leaked and released by cryptocurrency blogger Tiffany Fong, at least five companies put in bids for the assets of Celsius Network, including Binance, Bank To The Future, and Galaxy Digital.
Fong, an observer of Celsius developments, has revealed documents that “detail the bids on Celsius Network’s crypto assets,” and she claims that these bids were received on December 20.
In the blog post, Fong stated that she is “only aware of these five bids” for Celsius’ cryptocurrency holdings. She continued by stating that Novawulf’s proposal was “particularly interesting” because it resembled “Celsius Network’s newly-proposed restructuring plans” in some way.
Binance, Bank To The Future, Galaxy Digital, Cumberland DRW, and NovaWulf are some of the bids that Fong revealed. These crypto companies filed their bids in November.
“I refrained from sharing the bids publicly to avoid disrupting the bidding procedures or negatively impacting customer recoveries; however, in yesterday’s Celsius Network court hearing (1/24/23), Kirkland & Ellis attorney Ross M. Kwasteniet proclaimed the bids ‘have not been compelling,” Fong said in a Substack post.
According to Fong, Binance put forth an offer of $15 million for the assets, of which $3 million would be given to “migrated users on a pro rata basis” and $12 million would go to the Celsius estate.
CEO of Bank To The Future Simon Dixon acknowledged the accuracy of the information in the leaked bids in a tweet on January 26.
New Celsius Token
The platform has announced that it is considering a new token release as a way to reimburse creditors after its failure. This new token is reportedly part of Celsius’s plan to restructure and operate as a brand-new platform after the bankruptcy process is complete.
The mining division of Celsius Network also intended to store 20,000 mining rigs from the machinery taken from Core Scientific, a company that specialized in Bitcoin (BTC) mining. The Network anticipated that the miners would soon receive new hosting facilities.
