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Celsius faces bankruptcy – Goldman Sachs could buy assets

 


Celsius has maintained strict radio silence for some time and accordingly did not respond to a number of reports that quickly circulated. Accordingly, advisors from Alvarez & Marsal were hired to prepare for bankruptcy proceedings.


At the same time, Goldman Sachs appears to be busy rounding up investors to buy Celsius Network's remaining assets for around $2 billion. This is said to be associated with a decent discount that takes advantage of Celsius' emergency situation. If the reports are confirmed, vultures will be circling the Celsius Network recently.


It remains to be seen, however, whether insolvency will ultimately be inevitable. Most recently, CEO Alex Mashinsky assured in mid-June that it is essential to work on solving the problems. If this wasn't a perseverance slogan, the collaboration with Alvarez & Marsal could perhaps serve the purpose of saving Celsius. Since Celsius and the CEO made statements in the past that were then refuted by the facts, any statements should be treated with caution.


BnkToTheFuture formulates rescue plan

Simon Dixon, CEO of the investment platform BnkToTheFuture, brought up a rescue plan last week. This is based on the solution that Bitfinex sought after the hack in 2016 and ultimately compensated all customers of the exchange with tokens at the time. For each BFX token, customers were entitled to a refund of USD 1 each. Bitfinex ended up tokenizing promissory notes that were tradable on the secondary market.


BnkToTheFuture made it possible to later convert the BFX token into company shares. It is difficult to judge whether this success story can be repeated. The parallel is that both Bitfinex and Celsius lost the trust of their customers through a serious incident. A recovery essentially depends on the business model and the perception of potential customers.


After all, a stock exchange is a completely different business than a lending platform, and the damage caused by a hack is judged differently by customers than the damage caused by inadequate risk management. Another factor is the fact that various federal agencies have recently taken action in the United States. Freezing customer funds and crypto assets is no small matter and can sometimes have consequences that make a rescue impossible.

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