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FTX to The Rescue Again, This Time Celsius Could Receive a Bailout

Acquiring Celsius's assets would signify FTX's intention to save the lending company, much like what FTX US did with Voyager when it secured the winning...
FTX looks to bailout celsius
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Acquiring Celsius’s assets would signify FTX’s intention to save the lending company, much like what FTX US did with Voyager when it secured the winning bid of $1.4 billion.

According to reports, crypto exchange FTX, headed by crypto billionaire Sam Bankman–Fried (SBF), is looking at ways to bail out Celsius Network, including bidding on assets of the bankrupt lender. Coincidentally, this information was released the same day Alex Mashinsky quit as CEO of Celsius.

CEO of Celsius had recently resigned

Mashinsky said that he regretted his continued role as CEO and was very sorry for the financial difficulties facing members of his community. FTX’s acquisition of Celsius assets would imply its intent to save the lending company, much like what FTX US did with Voyager by securing a winning bid for approximately \$1.4 billion.

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Bloomberg’s report on FTX’s interest Celsius Network was based on insight from a person who is familiar with SBF’s deal making. At the time of writing, neither party has yet to make an official statement.

FTX was reportedly in discussions with investors to raise $1 Billion. This would, if it is successful, help to keep the exchange at its $32 Billion valuation in a bear market.

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After revealing \$1.2 billion in deficit between 2022 and 2022, Celsius filed for bankruptcy. Reuters published an August report on Ripple’s interest to purchase Celsius’ assets. This has since gone cold.

Cointelegraph has yet to hear back from FTX on its request for comment.

Brett Harrison, FTX US president, resigned to take up an advisory position in what appears to be a huge restructuring drive.

Harrison stated, “Until then I’ll be assisting Sam (Bankman-Fried) and the team with this transfer to ensure FTX finishes the year with its characteristic momentum.”

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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