{"id":77723,"date":"2023-04-24T12:32:42","date_gmt":"2023-04-24T09:32:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77723"},"modified":"2025-09-11T00:57:12","modified_gmt":"2025-09-10T21:57:12","slug":"journalists-reveal-gemini-and-coinbase-involvement-in-celsius-asset-auction","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/journalists-reveal-gemini-and-coinbase-involvement-in-celsius-asset-auction\/","title":{"rendered":"Journalists reveal Gemini and Coinbase involvement in Celsius asset auction"},"content":{"rendered":"

Bitcoin exchanges Gemini and Coinbase have become bidders<\/a> in the auction for the assets of the Celsius Network platform currently undergoing bankruptcy proceedings. It will take place on April 25.<\/p>\n

Indirectly pointing to Coinbase’s role as the largest US crypto exchange is a tweet by Arrington Capital founder Michael Arrington. It stated that Coinbase backed the Fahrenheit consortium \u2014 one of the bidders \u2014 with a commitment to custody of digital assets and other infrastructure services.<\/p>\n

\"Journalists
Source: Cointelegraph<\/a>.<\/figcaption><\/figure>\n

In addition to Arrington’s venture firm, the group also includes Proof Group Capital Management, former Algorand CEO Steven Kokinos, and investment banker Ravi Kaza.<\/p>\n

Fahrenheit’s proposal is to create a new company led by a ‘group of vetted crypto operators’ to handle ‘significant bitcoin mining infrastructure, retail and institutional lending, various digital assets, and a venture-capital portfolio’.<\/p>\n

Another bidder was the Blockchain Recovery Investment Committee, formed by Gemini, VanEck, Global X Digital, and Plutus Lending.<\/p>\n

Earlier, joined NovaWulf Digital Management<\/a>.<\/p>\n

The organization’s proposal contemplates a direct cash contribution of between $45 million and $55 million and the creation of a new crypto-lending platform wholly owned by Celsius’s creditors. It is expected that if approved, customers would recover up to 70% of their funds.<\/p>\n

On 13 June 2022 Celsius paused withdrawals, exchanges and transfers<\/a> between accounts.<\/p>\n

A month later, the platform filed for bankruptcy<\/a> under Chapter 11 of the U.S. Bankruptcy Code<\/a>. The company’s liabilities exceeded its assets by $2.85 billion<\/a>.<\/p>\n

In September, the platform’s CEO Alex Mashinsky left<\/a> his post.<\/p>\n

In early 2023 the New York attorney general charged Celsius’s CEO with deceiving investors in a multi-billion-dollar fraud<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin exchanges Gemini and Coinbase have become bidders in the auction for the assets of the Celsius Network platform undergoing bankruptcy proceedings. It is scheduled for April 25.<\/p>\n","protected":false},"author":1,"featured_media":77724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,138,719],"class_list":["post-77723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-coinbase","tag-gemini"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77723"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77723\/revisions"}],"predecessor-version":[{"id":77725,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77723\/revisions\/77725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77724"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}