BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Sam Bankman-Fried, the CEO of FTX, is Eyeing Celsius Assets

BlockNews Team by BlockNews Team
October 6, 2022
in Business, Media, Social
Reading Time: 3 mins read
A A
FTX-Dollar-Bills-Shopping-Cart
1
SHARES
14
VIEWS
Share on TwitterShare on Reddit

Sam Bankman-Fried, is eyeing a bid for the now bankrupt crypto lender, Celsius Network. The FTX CEO has been bailing out troubled firms from bankruptcy. After various bidding attempts, FTX won the highest bid for Voyager’s assets, valued at roughly $1.4 billion. The proposal included a $1.4 billion fair market value and a $111 million additional possibility in increasing importance. 

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

Sam Bankman-Fried, the CEO and co-founder of FTX, is reportedly eyeing Celsius’ assets after winning a bid for Voyager Digital's assets. pic.twitter.com/OQiX4qvNdR

— Crypto Hunters Elite ✪ (@coincatch1) October 5, 2022
Via @coincatch1 – Twitter

It is unclear if Bankman-Fried’s company wants some or all of Celsius’ assets. According to Celsius, the bid is to happen soon, 

The bid for Voyager came after Voyager Digital filed for bankruptcy. Likewise, the proposal for Celsius assets was after Celsius declared bankruptcy. The firm said that Three Arrows Capital, a crypto hedge fund, failed to repay its loan.

The Singapore-based 3-AC filed for Chapter 15 bankruptcy on July 1, 2022. Thus, they appear to be on the run from creditors. 

Celsius Bankruptcy 

Celsius’ drama was there for a while, but the step toward bankruptcy was visible. Due to severe market conditions, the firm held withdrawals and transfers in early June. The firm filed for Chapter 11 bankruptcy on July 14, 2022. An old tweet from the official page states, 

“Moments ago, Celsius Network filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring.” 

The filing showed that Celsius lies between $1 billion and $10 billion in its assets and liabilities. In addition, the firm has more than 100,000 creditors. 

Before the bankruptcy, Celsius carried out Bitcoin mining operations and a crypto custody business. It was a concern for Vermont officials that Celsius has secretly been broken since 2019. Additionally, they stood by the allegations that the CEO, Alex Mashinsky, had false reports to identify that the firm was healthy financially. 

After the Filing of Bankruptcy

Several plans to revive the Celsius network have since failed. After filing for bankruptcy, the firm wanted to pay its former chief financial officer, Rod Bolger, about $93,000 monthly for “stability.” The plan received disapproval from some customers as a way of showing anger toward defective leaders. 

Mashinsky has been in charge of a series of bad trades in 2022, a cause of the downfall. Thus, he declared his resignation on Tuesday, October 27. The reports brought about different feelings from prominent people, with many supporting the move. 

Even the CEO of Coinbase, Brian Armstrong, commented on the issue,

“Glad to see Alex Mashinsky step down. It just sucks he was forced to do it and couldn’t see the writing on the wall in June. This is a new day for Celsius users. There is now a renewed home; we could be somewhat whole .”

Additionally, Mashinsky said he is sorry about people’s difficult financial circumstances. He added that he would assist in uniting behind a plan to bring on the best outcomes for all creditors. 

Final Thoughts

The collapse of stablecoin TerraUSD was a significant blow to the crypto sector, leading to a severe liquidity crisis. Celsius’ failure forced vivid scrutiny onto other crypto firms dealing with lending. In the wake of Celsius’ collapse, other firms have also filed for bankruptcy due to unstable market conditions. As a trader, you must hold onto the hope that the markets will reset because they will. 

Tags: BusinessCelsiusFTX
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Biden-Crypto

Biden Urges Congress for Clarity on Crypto Regulation

Related News

VanEk ETH

SEC Delays VanEck’s Third Bitcoin Spot ETF Application

August 28, 2022
wendy rogers

Arizona Senator Wendy Rogers Pushes Bill To Make Bitcoin Legal Tender

February 8, 2023
bitcoin

Bitcoin Investors Must Hold Key Levels as ‘Death Cross’ is Imminent

February 3, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?