News - Is Fahrenheit taking over insolvent crypto lender Celsius?

By Mike Hesp

Is Fahrenheit taking over insolvent crypto lender Celsius?


It sounds like a bad pun. But: Cryptoconglomerate Fahrenheit is about to take over insolvent lender Celsius.

According to a court file cryptoconglomerate Fahrenheit has won a bid to take over insolvent cryptocurrency lender Celsius.

Fahrenheit must pay $10 million within three days to seal the proposed takeover. The bid has been accepted by a committee of creditors, but must still be approved by regulators, it adds.

The bankruptcy judge, meanwhile, warns of "regulatory hurdles" that could complicate the sale of Celsius. In recent months, regulators have raised their tone toward the crypto industry in the US hardened.

Since the bankruptcy last June, billions of US dollars have been stuck in the bankrupt estate of Celsius. However, some investors were able to withdraw money as early as March.

Most recently Binance.US wanted to acquire the also insolvent cryptocurrency lender Voyager for more than a billion US dollars. In late April, the crypto exchange pulled out of the deal, citing US regulations.

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