Celsius Network assets auction to take place in January

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Lending platform Celsius informed potential buyers that the deadline for submitting bids for participation in the auction has come to an end and auctions for the assets are scheduled for January 2023.

Southern District Bankruptcy CourtNew York has scheduled an auction for the sale of Celsius assets for January 10. The company said it has already received more than 30 proposals with various options for acquiring its assets or business structures, such as transferring clients to the buyer's platform along with reducing their assets.

Varying degrees of interest inOver 120 organizations participated in the acquisition of Celsius assets and participated in the bidding. Some potential bidders have already signed agreements and legal non-disclosure agreements, used to protect confidential information about the company or the terms of the auction.

Previously hired bankruptcy professionalsCelsius said that users gave up legal rights to their funds the moment they deposited them on the platform. Lawyers argue that the Earn and Borrow account terms of service agreement gives the Celsius platform the right to do whatever it wants with their crypto assets.