'LEAKED BIDS' — Binance, Galaxy Digital among secret bidders for Celsius assets
Jan 26, 2023
By Ciaran Lyons
Crypto blogger Tiffany Fong has shared documents she claims to have obtained in late December detailing several bids for Celsius' crypto assets.
At least five firms placed bids on Celsius Network’s crypto assets, including Binance, Bank To The Future and Galaxy Digital, according to leaked information shared by crypto blogger Tiffany Fong.
Fong, a follower of Celsius developments who shot to fame after several exclusive interviews with Sam Bankman-Fried following its collapse, has leaked information from documents she says were obtained on Dec. 20 “detailing the bids on Celsius Network’s crypto assets.”
In a Substack post, Fong explained that she initially refrained from leaking the bids to avoid disrupting the bidding process but was prompted to do so after recent commentary from a lawyer representing Celsius.
"I refrained from sharing the bids publicly to avoid disrupting the bidding procedures or negatively impacting customer recoveries; however, in yesterday’s Celsius Network court hearing (1/24/23), Kirkland & Ellis attorney Ross M. Kwasteniet proclaimed the bids 'have not been compelling,” Fong explained.
Among the bidders revealed by Fong include crypto exchange Binance, online investment platform Bank To The Future, digital asset investment manager Galaxy Digital, crypto trading company Cumberland DRW and digital asset investment firm NovaWulf.
According to Fong, the proposals from these crypto firms were submitted in November 2022, with Fong noting that they are "for the most part, abandoned."
The blog stated that Binance proposed a bid of $15 million for the assets, stating that $12 million will go to the Celsius estate and $3 million would be distributed to “migrated users on a pro-rata basis.”
In the purported Summary Term Sheet from Binance, it said that it intends to “acquire and transfer all liquid and certain illiquid crypto” at the fair market value to Binance’s platform.
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