The bankrupt Celsius Network plans to realise $7.4 million in Bitmain mining-purchase vouchers and $7 million in loans before their expiry. This was announced by temporary COO of the platform Christopher Ferraro, writes CoinDesk.
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The vouchers provide a 10–30% discount on future device purchases from Bitooda, the equipment broker. The loans accrue when paid in installments.
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The nominal value of the vouchers on Celsius’s balance sheet is estimated at $48 million.
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The company is in talks with six potential buyers, according to the executive.
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The court will review the proposal on February 15.
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The bankruptcy judge Martin Glenn, in a ruling dated February 16, approved the offer to realise $7.4 million of vouchers \“in the interests of creditors and other parties\”.
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On June 13, 2022, Celsius suspended withdrawals, exchanges and transfers between accounts.
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One month later, the platform filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The company’s liabilities exceeded its assets by $2.85 billion.
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In September, Alex Mashinsky left Celsius’s CEO post.
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In early 2023, the New York Attorney General charged Mashinsky with defrauding investors \“billions of dollars\”.
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In February, a forthcoming Celsius CEO book was pulled from sale.