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At least five firms placed bids on Celsius Network\u2019s crypto assets, including Binance, Bank To The Future and Galaxy Digital, according to leaked information shared by crypto blogger Tiffany Fong.\u00a0<\/p>\n
Fong, a follower of Celsius developments who shot to fame after several exclusive interviews with Sam Bankman-Fried<\/a> following its collapse, has leaked information from documents she says were obtained on Dec. 20 \u201cdetailing the bids on Celsius Network\u2019s crypto assets.\u201d<\/p>\n In a Substack post, Fong explained<\/a> that she initially refrained from leaking the bids to avoid disrupting the bidding process but was prompted to do so after recent commentary from a lawyer representing Celsius. <\/p>\n “I refrained from sharing the bids publicly to avoid disrupting the bidding procedures or negatively impacting customer recoveries; however, in yesterday\u2019s Celsius Network court hearing (1\/24\/23), Kirkland & Ellis attorney Ross M. Kwasteniet proclaimed the bids ‘have not been compelling,\u201d Fong explained.<\/p><\/blockquote>\n Among the bidders revealed by Fong include crypto exchange Binance,\u00a0 online investment platform Bank To The Future, digital asset investment manager Galaxy Digital, crypto trading company Cumberland DRW and digital asset investment firm NovaWulf.<\/p>\n According to Fong, the proposals from these crypto firms were submitted in November 2022, with Fong noting that they are “for the most part, abandoned.”<\/p>\n The blog stated that Binance proposed a bid of $15 million for the assets, stating that $12 million wouldgo to the Celsius estate and $3 million would be distributed to \u201cmigrated users on a pro-rata basis.\u201d<\/p>\n In the purported Summary Term Sheet from Binance, it said that it intends to \u201cacquire and transfer all liquid and certain illiquid crypto\u201d at the fair market value to Binance\u2019s platform.<\/p>\n Galaxy Digital proposed to acquire all illiquid and staked Ethereum\u00a0(ETH<\/a>) assets as sough to be \u201cdesigned stalking horse bidder” \u2014 a name given to the initial bidder for the sale of distressed assets \u2014 for the amount of approximately $67 million.<\/p>\n Meanwhile, Bank To The Future’s bid stated in its transaction structure that all liquid crypto assets and collateral to be returned to creditors pro rata, under the management of Bank To The Future.<\/p>\n In a Jan. 26 tweet, CEO of Bank To The Future Simon Dixon has since confirmed that the contents of the leaked bids relating to his firm were accurate.<\/p>\n I can confirm it is a true reflection of the term sheet @BankToTheFuture<\/a> sent in to give everybody all coins left with no charge & 100% of illiquid assets. https:\/\/t.co\/MrYGvoB9eB<\/a><\/p>\n \u2014 Simon Dixon (@SimonDixonTwitt) January 26, 2023<\/a><\/p><\/blockquote>\n Fong noted in the blog post that she is \u201conly aware of these five bids\u201d on Celsius\u2019 crypto assets.<\/p>\n She added that Novawulf\u2019s bid was \u201cparticularly interesting,\u201d due to having a vague resemblance to \u201cCelsius Network\u2019s newly-proposed restructuring plans.\u201d<\/p>\n In comments to Cointelegraph, Fong said that she has had conversations with \u201cmultiple Celsius Network employees\u201d and to her surprise, most employees \u201cwere not even made privy to the bids.\u201d<\/p>\n She added \u201cnot even those in upper-level management,\u201d were aware of this information.<\/p>\n Related:<\/em><\/strong> <\/em><\/strong>Celsius amasses 30 potential bidders for its assets, withdrawal motion approved<\/em><\/strong><\/a><\/p>\n Fong said that creditors and \u201ceven most employees\u201d have been left in the dark about the bids on crypto assets<\/a> that investors deposited onto the platform.<\/p>\n Fong is not sure how \u201cthings will unfold,\u201d but thinks that creditors deserve<\/a> \u201cmore transparency\u201d and have a right to see the bids on assets that \u201cwe deposited onto the platform.\u201d<\/p>\n Cointelegraph has reached out for comments from Binance, Galaxy Digital, BnkToTheFuture, NovaWulf and Cumberland DRW.<\/p>\n <\/div>\n\n