Summary:
- Sam Bankman-Fried could acquire assets from bankrupt crypto lender Celsius, Bloomberg reported.
- SBF already acquired Voyager Digital assets in a massive $1.4 billion deal.
- Celsius is the process of restructuring and regaining stability after falling into insolvency earlier in the year.
- CEO Alex Mashinsky stepped down on Tuesday as part of the process, reports say.
Sam Bankman-Fried, CEO of crypto exchange FTX and its sister firm Alameda, could table bids for Celsius assets as the beleaguered crypto lender navigates the aftermath of a crypto crash and bankruptcy.&
Celsius made headlines after pausing withdrawals, deposits, and other operations back in July, a few weeks after Terra’s collapse in May. Since then the firm has filed for chapter 11 bankruptcy and hired restructuring lawyers to help with recovery.&
On Tuesday, CEO Alex Mashinsky also resigned from his position amid liquidation scares and recovery plans.&
Sam Bankman-Fried Eyes Celsius Assets After Voyager Scoop&
Sam Bankman-Fried launched a series of bailouts for crypto companies following Terra’s in May. Alameda, which SBF owns a controlling stake, bolstered troubled crypto broker Voyager Digital with a revolving credit line worth over $200 million in USDC and a massive 15,000 Bitcoin (BTC) loan to match.
Voyager assets recently went on auction as part of the firm’s recovery plan. Notably, SBF scooped up assets from the crypto broker in a deal worth around $1.4 billion. Bloomberg reported on Wednesday that SBF might make a similar move with Celsius and its assets.
Celsius currently operates a crypto custody service and a considerable BTC mining business. Sam Bankman-Fried could target these assets to complement his crypto exchange and trading firm, said a person familiar with the matter.
At press time, Sam Bankman-Fried has not confirmed intentions to acquire Celsius assets. However, the crypto billionaire has been quoted on several occasions saying that his company has $1 billion in cash for acquisitions.&
Also, FTX has eyes on raising fresh capital via a funding round. Reports say the exchange could raise as much as $1 billion from a new fundraiser.
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