Could users of Celius who have not received refunds finally get good news? In any case, the news of a potential acquisition of the crypto lender’s assets will inspire hope in them. Without making a triumphant declaration, they subvocalize, “Long live the revival of Celsius Network.”
Is Ripple Labs Inc. planning to invest in Celsius?
Currently, observers’ speculation includes this. Because the San Francisco-based payments business looks interested in purchasing Celsius Network’s assets as of late.
A Ripple representative alluded to the administration’s goal:
- “ We want to learn more about Celsius and its assets, and whether any of them might be relevant to our business. “
However, there aren’t many things here that would suggest Brad Garlinghouse’s company taking control of Celsius. Ripple has claimed that it is willing to “[explore] actively M&A opportunities in order to strategically scale the firm,” but we only have preliminary evidence of this.
We can also say that the new paperwork submitted by Ripple’s attorneys was approved by the bankruptcy court. Notably, the latter is not included on the list of Celsius Network’s principal creditors.
Celsius is at its lowest point.
In the first half of 2022, Celsius brought us fewer humorous stories after the drama drama of Terra (USDT and LUNA). Midway through June, all transactions on the whole platform were suspended as the first step.
Then came Richard Heart’s verbal abuse of Alex Mashinsky, calling him a “poor joke,” and other successions of equally amusing incidents.
A lengthy list of bitcoin debt repayments from Celsius Network on Ave have been covered here on Cointribune. stating that observers viewed the cessation of reimbursements as a win.
However, none of this was enough to save the Mashinsky company from going bankrupt. The lords of Celsius did everything they could to declare bankruptcy on July 14, while all of France was watching a great procession on the Champs-Elysées. Sure, keep your head down.
The loss tallied appears to be enormous: around $5 billion must be reimbursed to its subscribers. And the rest of the story takes more work than you might anticipate. Among other options, the resumption of its bitcoin mining operations, or maybe the acquisition of its assets by a cryptocurrency business that is doing well.
In any event, the cryptography industry’s players are not benefiting from the current gloomy trend. Thankfully, businesses like Ripple Labs get away with it (nice supporting statistics according to Reuters ). His state of health has not been impacted by any cases that the US Securities and Exchange Commission has filed since 2020. Will he be able to resuscitate Celsius? is the obvious question.
