Celsius, a bankrupt crypto lender, announces the dates of its assets auction

The dates for the sale of the platform’s assets have been set by the bankrupt cryptocurrency lending company Celsius Network Ltd.

The last bid deadline for Celsius will be on October 17 at 4 p.m., and if an auction is necessary, it will take place on October 20 at 10 a.m., according to a filing that was made with the United States Bankruptcy Court for the Southern District of New York on Monday, October 3.

The filing states that a hearing regarding the sale will be held on November 1 at 11 a.m. via Zoom before Chief US Bankruptcy Judge Martin Glenn. The filing also mentioned how many attendees were expected at the hearing.

After blocking access to billions of dollars spread across more than a million accounts and suspending customer withdrawals for almost a month, Celsius started the bankruptcy process in July.

According to the most recent court documents, Celsius owed more than $6.7 billion in debt. However, the value of its assets was only about $3.9 billion, leaving Celsius’s balance sheet with a $2.8 billion shortfall.

One of the most notable casualties of the bear market that hit the cryptocurrency sector this year is Celsius.

The stablecoin TerraUSD, the hedge fund Three Arrows Capital, and the lender Voyager Digital Ltd. are all victims of the bear market.