Celsius sets dates for asset auction following bankruptcy

Quick Take

  • The final bid deadline for Celsius’s asset auction will be Oct. 17, according to a court filing.
  • FTX CEO Sam Bankman-Fried is reportedly considering bidding for assets.

Celsius Network has set a timeline for the auction of its assets. The bankrupt cryptocurrency lender will have a final bid deadline of Oct. 17 at 4 p.m. Eastern Time — with an auction, if necessary, on Oct. 20 at 10 a.m. ET. A sale hearing will be held on Nov. 1 at 11 a.m. ET before Chief U.S. Bankruptcy Judge Martin Glenn via Zoomer, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York dated Monday.

Celsius filed for bankruptcy in July — roughly a month after halting client withdrawals and trapping billions of dollars across more than a million accounts. Recent court documents showed that Celsius's liabilities were more than $6.7 billion and its assets were worth only around $3.9 billion, resulting in a balance sheet hole of $2.8 billion.

Amid the bankruptcy proceedings, Celsius founder and CEO Alex Mashinsky resigned last week. Mashinsky reportedly withdrew $10 million before the company froze client withdrawals and ultimately declared bankruptcy.