Tiffany Fong, a crypto blogger, claims to have obtained documents in December showing various bids for Celsius’s crypto assets.
Fong revealed via leaked documents that several companies submitted bids for Celsius Network’s crypto assets, including Binance, Bank To The Future, and Galaxy Digital.
Tiffany Fong, a follower of Celsius developments known for exclusive interviews with Sam Bankman-Fried after its collapse, leaked information from documents she claims to have obtained on Dec. 20. “detailing the bids on Celsius Network’s crypto assets.”
In a Substack post, Tiffany Fong stated that she initially refrained from leaking the bids to avoid disrupting the bidding process but did so after a lawyer representing Celsius made recent comments.
“I refrained from sharing the bids publicly to avoid disrupting the bidding procedures or negatively impacting customer recoveries; however, in yesterday’s Celsius Network court hearing (1/24/23), Kirkland & Ellis attorney Ross M. Kwasteniet proclaimed the bids ‘have not been compelling,” Fong explained.
Tiffany Fong revealed that Binance, Bank To The Future, Galaxy Digital, Cumberland DRW, and NovaWulf are among the bidders for Celsius’s assets.
Tiffany Fong stated that the bids from these crypto firms were submitted in November 2022 and acknowledged that they are”, for the most part, abandoned.”
The blog post revealed that Binance proposed a bid of $15 million for the assets, with $12 million going to the Celsius estate and $3 million to be distributed among other parties.“migrated users on a pro-rata basis.”
The purported Summary Term Sheet from Binance said 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
$1,569 assets as sough to be “designed stalking horse bidder” — a name given to the initial bidder for the sale of distressed assets — for approximately $67 million.
Bank To The Future’s bid proposed to return all liquid crypto assets and collateral to creditors proportionally, with management under Bank To The Future.
Bank To The Future’s Bid Proposal
Simon Dixon, CEO of Bank To The Future, confirmed in a Jan. 26 tweet that the leaked bids related to his firm were accurate.
Fong noted in the blog post that she is “only aware of these five bids” on Celsius’ crypto assets.
She added that Novawulf’s bid was “exciting” due to having a vague resemblance to “Celsius Network’s newly-proposed restructuring plans.”
Tiffany Fong stated in comments to Cointelegraph that she had conversations with“multiple Celsius Network employees,” To her surprise, most employees “were not even made privy to the bids.”
She added, “not even those in upper-level management” were aware of this information.
Fong said creditors and most employees are unaware of bids for crypto assets deposited on the platform.
Fong is not sure how “things will unfold” but thinks that creditors deserve “more transparency” and have a right to see the bids on assets that “we deposited onto the platform.”