Celsius set to hold vote on bankruptcy plan
The current offer would mean selling the company to Farenheit Consortium, and customers getting between 67-85% of their money back.
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The current offer would mean selling the company to Farenheit Consortium, and customers getting between 67-85% of their money back.
Individuals involved in Celsius’ bankruptcy case objected to a motion made by the defunct crypto lender that would extend a key deadline for the second time.
The bankrupt crypto lender’s new CEO told the judge Celsius Mining has approximately 40,000 mining rigs.
Kristine Mashinsky, the wife of ex-Celsius CEO, appears to have withdrawn over $2 million in the CEL token on May 31.
Celsius’s top three executives of the crypto lending business withdrew a total of $56.12 million worth of cryptocurrency between May and June 2022.
One person familiar with events at Celsius reportedly said CEO Alex Mashinsky was “slugging around huge chunks of Bitcoin” and ordering trades based on bad information.
The latest turmoil has been fueled by a series of internal missteps at the company, according to former employees and internal documents reviewed by CNBC.
The bankrupt CeFi crypto lender is about $1.2 billion in deficit, with the majority of its liabilities being customer deposits some believe they may not be required to give back.
An unnamed source told CNBC that the company plans to file the bankruptcy paperwork "imminently."