Celsius may be getting rid of their stablecoin holdings

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The bankrupt Celsius Network filed a bid to sell not only its reserves, but also future stablecoin earnings. About it writes Reuters, citing a court document due October 6.

So far, Celsius wants to sell eleven types of stablecoins worth $23 million to keep the firm running. At the same time, in the future, Celsius also plans to sell stablecoins, and not keep it on its balance sheet.

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This is not Celsius’s only attempt to stay afloat. The firm’s lawyers said several parties had made several proposals to the firm to help it cope with its financial problems. However, it is still not clear who and how exactly offered to help Celsius survive bankruptcy.

Meanwhile, Vermont’s financial regulator believes Celsius has been financially bankrupt since at least February 2019. The regulator claims that Celsius systematically misled its investors.

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For example, the firm often manipulated the celsius token (CEL) quotes in order to demonstrate the positive dynamics of the corporate account. What’s more, Vermont’s financial regulator suspects that Celsius has functioned like a Ponzi pyramid at certain times.

Recall that Celsius froze the withdrawal of client assets on June 12, and a month later the company went bankrupt. In June, several analysts said at once that the lending platform has liquidity problems. At the same time, representatives of Celsius assured that the suspension of the withdrawal of funds was supposed to help “stabilize liquidity”, but did not specify the details of the incident. Court documents show the company has more than 100,000 creditors.

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Source: Cryptocurrency

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