Published
1 year ago on
September 28, 2022
Hot on the heels of the announcement that the former CEO of Celsius Network, Alex Mashinsky, resigned from his position as CEO is Sam Bankman-Fried (SBF)- the fellow crypto billionaire that has been bailing out distressed industry players over the past couple of months. SBF is now considering making a bid for the assets of the bankrupt Celsius Network LLC.
Bankman-Fried, the CEO of FTX is already in the process of raising a $1 billion funding round but has not made his intentions to the public clear. In addition to Celsius being a lending business, which filed for bankruptcy in July, it also owns a very large Bitcoin mining operation and a crypto custody service.
It is still however unclear whether Bankman-Fried’s crypto companies, FTX crypto exchange and trading firm Alameda Research, are also bidding for some of the now bankrupt Celsius’s assets.
According to reports by Bloomberg, Celsius’ native token CEL rocketed upward late Tuesday amid rumors that FTX’s Sam Bankman-Fried could bid on the bankrupt crypto bank’s asset.
The token took a serious nosedive earlier on Tuesday when the news of Celsius CEO Alex Mashinsky's departure broke, with prices jumping by over 15% off their 24-hour lows following a Bloomberg report. FTX has been consolidating power in the crypto industry through various deals with distressed competitors. Late on Monday, FTX won the bid to acquire Voyager Digital’s assets, valued at $1.4 billion. FTX claims that it still has $1 billion left to spend on further acquisitions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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