Blogger Tiffany Fong Reveals the News
Around five companies have submitted bids on the crypto assets owned by Celsius Network. Among these companies is Bank To The Future, Binance, and Galaxy Digital.
This information was released and published by Tiffany Fong, a cryptocurrency blogger.
A supporter of Celsius Network’s advancements named Fong has divulged relevant data through records.
She claims to have acquired it on December 20 and that specifies the bids on cryptocurrency assets of the Celsius Network.
Fong became well-known upon conducting numerous unique interview sessions with Sam Bankman-Fried after the company’s failure.
Fong claimed in a statement on Substack that she had first abstained from releasing the bids in order to prevent upsetting the bidding procedure.
However, she was moved to do so following the latest remarks from a lawyer who represented Celsius. Fong’s comment was published on Substack.
Fong stated that she abstained from making the bids easily accessible.
This was because she wanted to prevent disrupting the bidding processes or having a negative effect on customer recoveries.
Whereas, in the previous Celsius Network court proceeding, Kirkland & Ellis attorney Ross M. Kwasteniet declared that the bids were not convincing.
There are a few prospective buyers that Fong has disclosed.
These include the online investment platform Bank To The Future, the digital asset investment manager Galaxy Digital, Binance, etc.
As per Fong, the bids from these cryptocurrency companies were sent in during the month of November 2022.
Fong also mentioned that the majority of these ideas have been discarded.
According to the blog, Binance submitted a proposal for assets totaling $15 million.
Of the $15 million, $12 million will be transferred to the Celsius estate and $3 million would be dispersed to transferred users on a pro-rata system.
The company plans to purchase and move to Binance’s platform all liquid and select illiquid cryptocurrencies at the market value price.
This was stated according to the rumored Summary Terms Sheet from Binance.
Galaxy Digital submitted a proposal to purchase all illiquid and staked Ethereum assets for the price of around $67 million.
This was done in an effort to be designated as the stalking horse bidder.
The stalking horse bidder is the number assigned to the early bidder for the selling of troubled assets.
In the meantime, the bid was submitted by Bank To The Future.
This specified in its transactional that the security as well as all of the liquid cryptocurrency assets will be distributed to debtors on a pro-rata basis. And it will be managed by Bank To The Future.
The CEO of Bank To The Future wrote a tweet on January 26. Since then, Simon Dixon has said unequivocally that the information contained in the stolen bids pertaining to his company was true.
Fong mentioned in the blog article that the only bids on Celsius’ cryptocurrency assets that she is familiar with are these five. She went on to say that the bid submitted by Novawulf was especially intriguing.
This was because it bore a striking similarity to the newly-proposed reformation plans presented by Celsius Network.
No Access to Bids
Fong stated in responses that she had talks with many Celsius Network employees. To her shock, the majority of employees have not even been given access to the bids.
This astounded Fong, who made the statements to Cointelegraph. She went on to say that nobody, not even the people working in upper-level management, was fully knowledgeable.
According to Fong, creditors as well as the majority of the company’s workers have been kept up to date.
Especially regarding the bids that buyers have placed on crypto assets that have been transferred onto the platform. Fong does not know how events will play out.
But he believes that creditors are entitled to more openness and have the opportunity to view the bids that have been transferred to the platform.
Bank to the future, Galaxy Digital, Binance, Cumberland DRW, etc., have been contacted and asked for responses to the issue by Cointelegraph.
