The bankrupt crypto lending platform Celsius Network has set the dates when it will put its assets up for auction.
Due to the decline in the cryptocurrency market, many crypto-focused companies began to file bankruptcy flags. Starting with crypto hedge fund Three Arrows Capital, filings for bankruptcy have extended to crypto lending platform Celsius Network. Celsius was preparing bailout plans while dealing with different cases. Then, with the resignation of the company’s CEO, the steps taken began to change.
Dates Announced for the Sale of Celsius
Celsius’ final bid will be auctioned on October 17 at 4 pm and, if necessary, at 10 am on October 20, according to a filing Monday with the US Bankruptcy Court for the Southern District of New York.
On November 1, a sales hearing will be held via Zoom before US Bankruptcy Court Chief Justice Martin Glenn. At the same time, it is stated that a large number of participants are expected in the filing.
Celsius is trying to speed up the recovery process after its collapse. One of Celsius’ bailout plans, which filed for bankruptcy in July, was to sell its stablecoin holdings. According to the news in Bloomberg, crypto billionaire Sam Bankman-Fried, who has bailed out troubled industry players in recent months, is considering bidding for Celsius assets.
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