Binance, Galaxy Digital among secret bidders for Celsius assets

At least five companies, including Binance, Bank to the Future, and Galaxy Digital, have bid for the Celsius Network cryptocurrency, according to leaked information shared by cryptocurrency blogger Tiffany Fong.

Fong is a devotee of the Celsius development and rose to fame after several exclusive sales. Interview with Sam Bankman-Fried After the collapse, she leaked information from a document she said she obtained on December 20th.

In a Substack post, Fong explained She initially refrained from leaking the bid to avoid confusion in the bidding process, but was urged to do so after recent comments from the lawyer representing Celsius.

We refrained from publicly sharing our bids to avoid disrupting the bidding process or negatively impacting the recovery of our customers. It was compelling, Fong explained.

The bidders revealed by Fong include cryptocurrency exchange Binance, online investment platform Bank To The Future, digital asset investment manager Galaxy Digital, cryptocurrency exchange Cumberland DRW, and digital asset investment firm NovaWulf.

According to Fong, the proposals from these cryptocurrency companies were submitted in November 2022, and Fong said they were “mostly abandoned.”

The blog said Binance had proposed a $15 million bid for the asset, with $12 million going to the Celsius asset and $3 million to be distributed proportionately to migrated users. rice field.

A purported Binance Summary Term Sheet states that it intends to acquire and transfer all liquid and certain illiquid cryptos to the Binance platform at fair market prices.

Galaxy Digital proposed to acquire all illiquid and staked Ethereum (ethereum) sold assets purported to be “engineered stalker horse racing bidders” (the name given to the first bidders for the sale of distressed assets) in the amount of approximately $67 million.

On the other hand, Bank to the Future’s tender will state in the transaction structure that all liquid crypto assets and collateral will be returned to creditors proportionately under Bank to the Future’s custody. was doing.

In a tweet on Jan. 26, Bank to the Future CEO Simon Dixon confirmed the accuracy of a leaked bid related to his company.

I can confirm that it is a true reflection of the term sheet @BankToTheFuture Sent to give away all remaining coins and 100% of illiquid assets for free to everyone. https://t.co/MrYGvoB9eB

Simon Dixon (@SimonDixonTwitt) January 26, 2023

In a blog post, Fong said he was aware of only these five bids for Celsius cryptocurrency.

She added that Nova Wolf’s bid was “particularly interesting” because it vaguely resembles “Celsius Network’s newly proposed restructuring plan.”

In a comment to Cointelegraph, Fung said that he spoke with multiple employees of the Celsius network, and to his surprise, most of them couldnt even get involved in the bidding.

She added that “even senior management” is not aware of this information.

Related: Celsius has attracted 30 potential bidders for its assets and the withdrawal motion has been approved

Mr Fong said creditors and even “most employees” were not informed about the matter. Bid for crypto assets that the investor has deposited into the platform;

Fong isn’t sure “how things will play out,” but he believes: creditors deserve There is more transparency and the right to see bids for assets that we deposit on the platform.

Binance declined to comment, saying, As a matter of policy, we do not comment on speculation, rumors or ongoing transactions.

Cointelegraph has reached out to Galaxy Digital, Bank to the Future, Novawolf and Cumberland DRW for comment.

Update (Jan 27 6:39am UTC): Added statement from Binance spokesperson