Two new consortiums are disputing the assets of bankrupt crypto lender Celsius Network in an upcoming auction.
to a report from the Financial Times. The tweet was later deleted, said the newspaper. Coinbase declined to comment.The second group bidding for Celsius assets is the Blockchain Recovery Investment Committee, which is backed by crypto exchange Gemini, fund manager VanEck, Bitcoin mining firm Global X Digital, and Plutus Lending.
Both the consortiums are disputing the assets with NovaWulf Digital Management, the Stalking Horse Bidder, a term used to describe the first bidder of a bankrupt company — which sets the bar for the other bidders. NovaWulf's proposalin the range of $45 million to $55 million, as well as the creation of a new public platform fully owned by Celsius creditors. Customers are expected to recover up to 70% of their funds under NovaWulf's proposal.
Based on Arrington's tweets, the Fahrenheit consortium also proposes the creation of a new company"with the sole goal of growing those assets to make stakeholders whole." The new company will be run by"a group of proven crypto operators", and hold substantial bitcoin mining assets, retail and institutional loans, a variety of crypto core assets, and a venture capital portfolio, said Arrington.
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