Celsius Intends to Return Funds to Creditors in BTC and ETH
The Fahrenheit consortium, which was formed by venture capital firms Arrington Capital and Proof Group, mining company US Bitcoin Corp, as well as individual investors Steven Kokinos (former head of Algorand) and others, won on May 26, 2023 the Celsius Network asset management tender.
The consortium is set to create a public company with the platform’s assets that will be wholly owned by the creditors.
The company will handle the management of Celsius’ alternative investments, loan portfolio, and mining business, distributing around $500 million worth of digital currency between the creditors.
Additionally, debts will be converted into Bitcoin and Ethereum, pending a court order, with the conversion taking place on July 1.
However, this will not apply to Withhold & custody accounts and the amount of claims per creditor will remain unchanged. The information regarding the process will be furnished in the monthly reports.
