By
Steve Muchoki
May 10th, 2024
The blog explained that Binance offered a bid of $15 million for the assets, noting that $12 million would be deposited to Celsius estate and $3 million to be disbursed to relocated customers on a pro-rata basis.
According to leaked information about bids on Celsius Network’s crypto assets, at least five companies including Binance, Bank To The Future and Galaxy Digital have shown interest and placed offers.
Tiffany Fong is a crypto blogger who is responsible for making Celsius’s crypto bidding process public. She is an avert follower of Celsius news and rose in popularity because of several interviews with Sam Bankman-Fried after FTX‘s downfall. According to Fong, she has documents dated December 20 that illustrate the bids on Celsius Network’s crypto assets.
In a post on Substack, Fong described that she originally withheld from disclosing the information of bids to prevent demolishing the bidding procedure but was suggested to do so following the latest comment from an advocate representing Celsius.
Bidders exposed by Fong comprise crypto exchange Binance, online investment company Bank To The Future, virtual asset investment manager Galaxy Digital, crypto trading firm Cumberland DRW and digital asset investment company NovaWulf.
According to Fong, the offers, which were submitted on November 2022 have been deserted majorly.
The blog explained that Binance offered a bid of $15 million for the assets, noting that $12 million would be deposited to Celsius estate and $3 million to be disbursed to relocated customers on a pro-rata basis. In the claimed Summary Term Sheet from Binance, it was explained that the company plans to obtain and shift all liquid and a few illiquid cryptos at the right market value to Binance’s exchange.
In a recent tweet on January 26, Chief Executive Officer of Bank To The Future Simon Dixon affirmed that the contents of the leaked bids about his company were very precise.
Fong also acknowledged in the blog post that she possesses knowledge of only five of these bids on Celsius’s crypto assets. She also said that Novawulf’s bid was especially intriguing since it had an uncanny similarity to Celsius’s Network’s recently-suggested revamping plans. Fong also claimed to have had several interactions with Celsius Network employees, and to her amazement, they were not even made aware of the bids.
Fong claimed that the creditors and most of the employees were unaware of the bids on crypto assets that investors submitted to the platform. The influencer claims to be uncertain about the future of the firm now that it is receiving bids but thinks that the creditors deserve more transparency.
Binance has refused to give a statement on the same.