Celsius: 30 potential buyers for the assets of the former crypto savings star

Celsius changeover is coming soon – After many hot flashes having embellished his descent into hell since withdrawals stopped in June 2022the temperature finally seems to fall a little for Celsius. The famous crypto lending platform would have managed to find many buyers for his assets.

Negotiations underway to recover Celsius

After a delay in ignition, the auction of the assets held by Celsius, initially scheduled for December 15, 2022, should finally take place on January 10. And the platform would have so far attracted nearly 30 buyers interested in recovering the diverse and varied assets of the company. These include the user platform and its crypto mining service in Texas, in addition to the many qualified employees that the platform seeks above all to retain.

At the heart of the storm since its bankruptcy, so things would be looking up for Celsius. Perhaps the end of the tunnel for clients dispossessed of their funds? Since September, more than 125 actors have reportedly been contacted as part of the liquidation. And 30 of them would have signed the non-disclosure agreements to protect the company’s sensitive information during the negotiation phases.

Who says negotiations says potential acquisition. So encouraging signs. A takeover would typically transfer Celsius customers to other more robust platforms: those of potential buyers. This could possibly allow customers whose funds are blocked to recover at least part of them on the new platform.

Following the bankruptcy of the Celsius crypto lending platform, many potential buyers were contacted.
Bankruptcy of Celsius: the buyers respond for a takeover

According to the latest figures dating back to November 25, Celsius would still hold approximately $2.6 billion in assets. This includes more than $1 billion in ETH and stETH (staked version of ETH) and around $630 million in BTC and WBTC (wrapped version of Bitcoin on the Ethereum network).

This figure remains insufficient, however, to cover the debtswhich would require an additional $1.2 billion for full reimbursement.

>> Prefer to keep your cryptos safe? Choose a ledger portfolio (commercial link) <<

The resumption of crypto withdrawals planned for soon?

During this time interval, Celsius’ mining activity continued. Surprisingly, it even generated gains every month of 2022, despite falling prices. Celsius continued to deploy mining rigs and strengthen its network located in Texas. One of the websites launched in September 2022 has so far been able to generate approximately 30 BTC per month.

Some customers might even be able to withdraw their funds from the platform. However, this privilege should only apply to a minority of them. Indeed, only those who have not used Celsius’ services will be concerned, including the famous “Earning Program” and its attractive returns. That is to say those who are content to deposit their assets on the platform. Suffice to say that the lucky ones will be rare.

Celsius is one of many cataclysms that have plagued a rather tumultuous 2022. We must recognize it. An unprecedented year in terms of the scale of the disasters that followed one another. Crash of Terra (LUNA), bankruptcy of 3AC, bankruptcy of FTX and of course the bankruptcy of Celsius: hope that the year 2023 will start under better auspices.

Disasters and hacks don’t just happen to others! It is better never to entrust the security of your cryptocurrencies to a third party. To sleep with peace of mind, equip yourself with a Ledger secure hardware wallet, there is something for all budgets. Your security is priceless (commercial link).

Leave a Reply

Your email address will not be published. Required fields are marked *