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Celsius Network Chooses Fahrenheit to Lead Bankruptcy Turnaround

1 min
Updated by Geraint Price
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In Brief

  • Fahrenheit wins the bid to acquire over $2 billion worth of Celsius’s assets
  • Fahrenheit will operate Celsius under the new branding of “NewCo.”
  • Will users get their funds back?
  • promo

Crypto consortium Fahrenheit has won the bid to acquire over $2 billion worth of Celsius’s assets, offering a ray of hope to users.

Users whose funds were stuck in the platform might finally see the end of the tunnel, as Fahrenheit won the bid to acquire Celsius’s assets.

NewCo Will Take Over Celsius’s Assets 

According to Reuters, Celsius plans to end the bankruptcy proceeding by choosing crypto consortium Fahrenheit to take over the assets. Fahrenheit will operate Celsius under the new branding of “NewCo.”

The crypto lender said, “Under the Plan, Celsius’ account holders will own 100% of the new equity in NewCo.”

Fahrenheit is a crypto consortium comprising companies like Arrington Capital and the U.S. Data mining group. 

In February, Celsius released a list of customers that could withdraw 94% of their assets. With the Fahrenheit deal, the remaining customers’ wait could also come to an end.

There is a sigh of relief among community members keen for more details of the roadmap.

However, the deal is yet to get regulatory approval.

Last year, Celsius paused withdrawals after filing for bankruptcy in July 2022. It was the victim of the market crash that was triggered by the collapse of the Terra Luna ecosystem.

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Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...