Celsius Reaches Deal To Sell Crypto Platform To NovaWulf
Bankrupt cryptocurrency firm Celsius Network LLC reached a deal to sell its retail platform to NovaWulf Digital Management LP as part of a plan to distribute liquid digital assets to customers, according to court papers filed Wednesday.
Andrew
5:41 16th Feb, 2023
Markets
The deal was the result of a sale process for Celsius’s retail business in which six parties submitted bids, according to the court papers.
The deal, if approved by the bankruptcy court and accepted by a majority of Celsius customers, would provide a way out for users who have had their digital assets frozen on the platform since last summer.
Under the plan, users would receive a share of their liquid crypto stuck on the platform, including bitcoin and ether, according to the court filing.
The crypto firm, one of the first to collapse into bankruptcy last year, has a $1.2 billion hole in its balance sheet, with digital assets owed to retail customers being a majority of its liabilities.
