- New details have surfaced regarding the Celsius auction.
- Celsius’s Tuesday auction will have two new groups joining.
- Fahrenheit and Blockchain Recovery Investment Committee are the two groups.
In July 2022, Celsius, a company with over $4 billion in consumer debt, filed for Chapter 11 bankruptcy. The business has also been under investigation for numerous months. The collapse of the 2022 cryptocurrency market primarily affected lending companies for cryptocurrencies, with Celsius Network, Voyager, and Three Arrows Capital being among the companies most heavily impacted.
According to the latest news, the cryptocurrency lender Celsius’s auction is set to go live on Tuesday. However, there have been a couple of twists that have surfaced. Details from the filing reveal that two new parties are taking part in the three-way auction for Celsius.
Fahrenheit and Blockchain Recovery Investment Committee to join Celsius auction
According to the details, two new groups are joining the auction set to go live on Tuesday. One group is Fahrenheit, which is backed by venture capitalist Michael Arrington. The second group is the Blockchain Recovery Investment Committee, which is backed by the likes of Gemini Trust.
A lot is at stake for the auction, as the fate of 600,000 creditors and how they will get paid depend on it. The auction is set to begin on Tuesday at 2 p.m. at the Manhattan office. At the moment, it is unclear who will come out victorious in the auction.
