The cryptocurrency loan platform Celsius Network Ltd. has announced the auction dates for its assets.
According to a petition issued to the United States Bankruptcy Court for the Southern District of New York on Monday, October 3, the final bid deadline for Celsius will be on October 17 at 4 p.m., and an auction will be placed on October 20 at 10 a.m., if necessary.
According to the petition, a hearing about the transaction will be held via Zoom on November 1 at 11 a.m.
Celsius launched the bankruptcy procedure in July, about a month after freezing client withdrawals and blocking access to billions of dollars dispersed over a million accounts.
According to the most current court documents, Celsius’s debts exceeded $6.8 billion. However, Celsius’s assets were only worth around $3.9 billion, resulting in a $2.8 billion deficit on its financial sheet.
Celsius is one of the most notable casualties of the bear market that has plagued the cryptocurrency sector in 2018. The TerraUSD stablecoin, the hedge firm Three Arrows Capital, and the lender Voyager Digital Ltd. are all victims of the bear market.
Chris Ferraro, a former employee of JPMorgan Chase (NYSE: JPM), has been appointed as a chief executive officer after the recent resignation of business founder Alex Mashinsky.
Notably, previous management was accused of being responsible for the loss of many millions of dollars, and it was recently disclosed that the company concealed its financial difficulties from its investors.
Sam Bankman-Fried, a cryptocurrency industry billionaire and the founder of the cryptocurrency exchange FTX, who has been rescuing financially ailing market players for many months, is considering putting a bid for Celsius’s assets.