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Acquiring Celsius’s assets would signify FTX’s intention to save the lending company, much like what FTX US did with Voyager when it secured the winning bid of $1.4 billion.

According to reports, crypto exchange FTX, headed by crypto billionaire Sam Bankman–Fried (SBF), is looking at ways to bail out Celsius Network, including bidding on assets of the bankrupt lender. Coincidentally, this information was released the same day Alex Mashinsky quit as CEO of Celsius.

CEO of Celsius had recently resigned

Mashinsky said that he regretted his continued role as CEO and was very sorry for the financial difficulties facing members of his community. FTX’s acquisition of Celsius assets would imply its intent to save the lending company, much like what FTX US did with Voyager by securing a winning bid for approximately $1.4 billion.

Bloomberg’s report on FTX’s interest Celsius Network was based on insight from a person who is familiar with SBF’s deal making. At the time of writing, neither party has yet to make an official statement.

FTX was reportedly in discussions with investors to raise $1 Billion. This would, if it is successful, help to keep the exchange at its $32 Billion valuation in a bear market.

After revealing $1.2 billion in deficit between 2022 and 2022, Celsius filed for bankruptcy. Reuters published an August report on Ripple’s interest to purchase Celsius’ assets. This has since gone cold.

Cointelegraph has yet to hear back from FTX on its request for comment.

Brett Harrison, FTX US president, resigned to take up an advisory position in what appears to be a huge restructuring drive.

Harrison stated, “Until then I’ll be assisting Sam (Bankman-Fried) and the team with this transfer to ensure FTX finishes the year with its characteristic momentum.”

The post FTX to The Rescue Again, This Time Celsius Could Receive a Bailout first appeared on The Daily Encrypt.


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Angie Byrd