Celsius Network Receives Multiple Offers for Cryptocurrency Mining


Celsius Network has been offered multiple bids for its platform, operations and crypto mining activities, a bankruptcy court heard on Tuesday (Dec. 20).

According to Bloomberg, details of the offers have not been disclosed and the company’s advisors are yet to decide whether to sell off part or all of the business. The advisors will be working with the potential buyer team, which includes 30 bidders, to refine the offers and announce further steps by mid-February.

Court documents show that Celsius had a value of $2.6 billion as of October 2017, but that there is a gap of $1.2 billion between its assets and liabilities. It was also reported that the firm’s mining operations are generating positive cash flows and that they are continuing to develop them.

Celsius Network filed for bankruptcy on July 13, just days after the freezing of customer accounts. The company ran into trouble when it offered large returns to crypto depositors and made high-value loans backed by inadequate collateral. This was done in a bid to prevent customers from losing their money.

On December 7, a judge ordered Celsius to return cryptocurrency held in custody accounts, which amounted to around $44 million in September. The same order also required the company to return coins that had been moved from interest-bearing to custodial accounts shortly prior to the bankruptcy filing. The recent order involves coins involved in transfers less than $7500.

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