Leaked Bids: Binance, Galaxy Digital Among Secret Bidders For Celsius Assets

Crypto Blogger Tiffany Fong has shared documents She claims to have acquired in late December detailing several bids for Celsius’ Crypto assets.

According to leaked information, at least five firms placed bids on Celsius Network’s assets.

Fong, A Follower of Celsius developments who shot to popularity after several exclusive meetings with Sam Bankman-Fried following its collapse, has leaked information from documents she says were gotten on Dec. 20 “detailing the bids on Celsius Network’s Crypto assets.”

In a Substack post, Fong explained that she initially refrained from releasing the bids to avoid disrupting the bidding process however was provoked to do as such after recent commentary from a lawyer representing Celsius.

“I refrained from sharing the bids publicly to avoid disrupting the bidding procedures or negatively impacting customer recoveries; however, in the previous Celsius Network court hearing (1/24/23), Kirkland and Ellis attorney Ross M. Kwasteniet proclaimed the bids ‘have not been compelling,” Fong explained.

Among the bidders revealed by Fong incorporate crypto exchange Binance, online investment platform Bank To The Future, digital asset investment manager Galaxy Digital, crypto trading company Cumberland DRW and digital asset investment firm NovaWulf.

According to Fong, the proposals from these Crypto firms were submitted in November 2022, with Fong taking note of that they are “for the most part, deserted.”

$12 million would go to the Celsius estate and $3 million would be dispersed, according to the report. “migrated users on a supportive of rata basis.”

In the implied Synopsis Term Sheet from Binance, it said that it intends to “acquire and transfer all liquid and Certain Illiquid Crypto” at the fair market value to Binance’s platform.

Galaxy Digital proposed to acquire all illiquid and staked Ethereum assets as sough to be “planned following pony bidder” — a name given to the initial bidder for the offer of upset assets — for the amount of approximately $67 million.

In the mean time, Bank To The Future’s offered stated in its transaction structure that all liquid crypto assets and collateral to be gotten back to creditors master rata, under the management of Bank To What’s in store.

In a Jan.The CEO of Bank To The Future has confirmed that the contents of the leaked bids were accurate.Fong noted in the blog entry that she is “just aware of these five bids” on Celsius’ Crypto assets.

She said that Novawulf’s bid was “particularly interesting” due to its resemblance to the plans of the Cicero Network.

Fong said that she has had conversations with “multiple Celsius Network representatives” and shockingly, most workers “were not even made aware of the bids.”

She added “not even those in upper-level management,” knew about this information.