CDS Crypto News Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius
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Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius

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Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius

Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius

According to a report from Reuters, a consortium led by cryptocurrency investment firm Fahrenheit has emerged as the winning bidder for acquiring the assets of bankrupt Celsius Network. While the deal is still subject to court approval, if finalized, it would represent a significant milestone for Celsius in its efforts to emerge from bankruptcy.

Fahrenheit, founded in 2021, has quickly gained recognition in the cryptocurrency industry. It successfully raised $400 million in funding from prominent investors such as Arrington Capital, Galaxy Digital, and Pantera Capital.

Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius
Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius 1
Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius
Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius 2

The bankruptcy filing of Celsius had a profound impact on the cryptocurrency sector, given its status as one of the largest crypto lenders globally. With over 1.7 million customers and managing assets worth more than $20 billion, the company’s financial troubles sent shockwaves through the industry.

However, the Celsius bankruptcy presented an opportunity for firms like Fahrenheit to acquire assets at a reduced price. Fahrenheit’s bid, reportedly valued at $5.5 billion, falls significantly below the assessed worth of Celsius’s assets at the time of the bankruptcy filing.

Should the deal be approved, it would represent a significant victory for Fahrenheit. The company would gain access to Celsius’s substantial customer base and extensive network within the cryptocurrency sector.

Moreover, the acquisition would also prove beneficial for Celsius’s customers, allowing them to recover a portion of their losses, albeit at a discounted rate.

The Celsius bankruptcy serves as a reminder of the risks involved in cryptocurrency investments. However, it also highlights the potential rewards. If Fahrenheit succeeds in acquiring Celsius’s assets, it could establish itself as a prominent player within the cryptocurrency industry.

Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius
Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius 3

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Crypto Consortium Fahrenheit emerges as the winning bidder to acquire the assets of bankrupt Celsius

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