FTX, a crypto exchange run by the cryptocurrency billionaire Sam Bankman-Fried (SBF), is planning to buy assets from the insolvent lender Celsius Network to save it. The news broke the same day Alex Mashinsky submitted his resignation as Celsius’ CEO. As an explanation for his decision, Mashinsky said he regretted his prolonged work as CEO had become increasingly distracting, and he apologized for the challenging financial conditions in the community. FTX purchasing Celsius’s assets would indicate the exchange’s intention to preserve the loan business, similar to what FTX.US achieved for Voyager by obtaining the winning offer of around $1.4 billion. Celsius Seeks Permission To Sell Stablecoin Holdings Recently, according to the filed court records, cryptocurrency lending firm Celsius Network, which is currently engaged in Chapter 11 bankruptcy proceedings, has asked the court for permission to sell stablecoin assets to raise money. Celsius filed for bankruptcy in July with the U.S. Bankruptcy Court for the Southern District of New York, which simultaneously handled the bankruptcy case of Three Arrows Capital (3AC). After one week, executives at Celsius Network were considering paying back customers by releasing wrapped assets for trading on other platforms. In the video Tiffany Fong shared, Celsius’ co-founder and CEO Nuke Goldstein spoke about the company’s intentions to compensate Earn users. A prominent personality and Cels...
