Tag: Cel

FTX’s Bankman-Fried Considering to Bid on Celsius’ Assets

by Blockchain News

The founder and Chief Executive Officer (CEO) of digital-asset exchange FTX is considering bidding for the assets of bankrupt lender Celsius Network, according to a source familiar with the matter.

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Sam Bankman-Fried has been bailing out distressed crypto firms and bought several of them recently.

FTX has already managed to acquire the assets of bankrupt crypto brokerage Voyager Digital Ltd. this week after winning an auction with a bid of about $50 million, Blockchain.News reported.

Besides its lending business, Celsius owns large Bitcoin mining operations and a crypto custody business. The company filed for bankruptcy in July of this year.

However, it is unclear as to which of Bankman-Fried’s crypto companies – the FTX crypto exchange or trading firm Alameda Research – will be bidding for some or all of Celsius’ assets.

According to data from CoinGecko, Celsius’s token, CEL, jumped as much as 9.9% on the development before retreating again.

Crypto platform BlockFi was also under FTX’s acquisition radar earlier this year, along with a potential takeover of Robinhood Markets Inc., where Bankman-Fried owns a stake.

According to a source, FTX is in the process of raising a $1 billion funding round. The deal has not closed yet or been made public, the source familiar with the deal added.

Reportedly, negotiations are ongoing and confidential, and the company will raise as much as $1 billion in order to keep the previous valuation of $32 billion. Still, conditions could be changed, according to sources.

Meanwhile, Celsius’s CEO Alex Mashinsky resigned Tuesday.

Mashinsky co-founded the Celsius Network alongside Daniel Leon back in 2017, and the firm grew to become one of the most celebrated crypto lending platforms in the crypto world. 

However, The company’s operation hit the rocks in June when it halted withdrawals and finally declared bankruptcy after it realized that internal restructuring and staff layoffs would be insufficient in helping to solve its liquidity woes.

Following his resignation, the crypto firm and its creditors are considering a slew of alternatives, ranging from restructuring to liquidation. 

In August, the company said it received multiple offers of fresh cash to help fund its restructuring process.

Mashinsky’s resignation has come at a time when the company is neck deep into bankruptcy proceedings, and the former CEO said his exit would position him in a better place to help every stakeholder get the best out of the company in the end.

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Celsius Network CEO Predicts New All-Time High for Ethereum, Warns Bitcoin Could Crash Before Massive Rally

by Dailyhodl

The CEO of centralized finance platform Celsius Network (CEL), Alex Mashinsky, is unveiling price predictions for the two largest crypto assets by market cap.

Mashinsky says in a Kitco News interview that Bitcoin (BTC) could fall by up to 20% from the current price before surging.

“So we have very strong support in that $29,000 to $33,000 range. This is the range we’re at right now. We keep bouncing off that range.

And the question is, we may have to retest it again. So there’s a pretty good chance. The market usually likes to test support, and after that, we should see that increase.”

Bitcoin is trading at $36,767 at time of writing.

The Celsius Network head says that after testing the critical support level, Bitcoin could follow past precedence and surge by around four times from current levels.

“If Bitcoin does what it did last time, it should go at least 300% up from here. Three multiplied by $35,000 puts us just over $100,000.

My projection for this year stays what I said late last year. And it’s $140,000 to $160,000 before the end of this year.”

In the case of Ethereum (ETH), Mashinsky says that the second-largest cryptocurrency by market cap could hit a new all-time high later this year or early 2023 as the ecosystem expands and the adoption rate rises.

“I expect Ethereum prices to go [to] the $6,000 to $7,000 level. I think the highest it got to was $4,800. But I think we’re going to break through that later this year, maybe beginning of next year.

And that’s because of the use cases, the number of applications running on Ethereum continues to grow. And adoption continues to grow.”

Ethereum is trading at $2,403 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Lending Platform Celsius Responds to New York Attorney General’s Shut Down Order

by Dailyhodl

Celsius Network is fighting back against the perception that regulators have cracked down on its operations.

The crypto lending company issued a statement this week saying “Celsius is here to stay” and “working closely with regulators.” Celsius also clarifies that it did not receive a cease-and-desist order from authorities in New York State.

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Earlier this week, New York Attorney General Letitia James directed two crypto companies to shut down and requested that three more answer questions immediately. None of the five crypto companies in question were officially named.

The London-based Celsius Network does acknowledge that the company received a “request for information” from NY authorities.

“Celsius has received several inquiries from regulators that would like to better understand what we do, how we do that and how we comply with regulatory requirements. We are having a very open and productive dialogue with regulators around the world.”

In September, Texas, New Jersey and Kentucky all took legal measures against Celsius Network. New Jersey and Kentucky issued cease-and-desist orders, with New Jersey claiming the company had unlawful sales of “interest-earning cryptocurrency products.”

Texas filed a notice for a hearing to take place next year to determine if it should also issue a cease-and-desist order against Celsius for illegally selling “cryptocurrency interest-earning accounts.”

Celsius Network’s native token CEL is trading at $5.25 at time of writing and is down more than 7% on the week, according to CoinGecko.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Email server breach sees Celsians targeted by phishing attacks

by Cointelegraph

Crypto asset lending platform, Celsius Network, has revealed an email server breach that resulted in malicious phishing links being sent to customers.

An April 15 announcement notes that some of Celsius’ customers have been receiving emails and SMS messages directing them to a malicious website impersonating the Celsius platform. The messages claim the link would direct them to a new web wallet from Celsius, purporting to offer $500 to users who create a wallet using the link.

Phishing email sent to Celsius users: Reddit

Celsius asserts the phishing links were sent after “an unauthorized party managed to gain access to a back-up third-party email distribution system which had connections to a partial customer email list” — allowing the malicious actors to target users with the phishing attempt.

If accessed, the fraudulent link prompts users to provide the seed phrase to their personal wallet, enablinge hackers to drain their funds.

While the team asserts it was able to react quickly and minimize the impacts to its users, a thread on Reddit suggests at least $300,000 worth of crypto has been stolen from Celsius’ customers, with one forum-goer, “VaporFye,” claiming to has lost 20 Ether ($50,000) to the scammer.

Celsius CEO and founder, Alex Mashinksy, sought to assure the community that “Celsius remains fully secure” and its systems “have not been breached in any way.”

“Customer funds and sensitive data are safe within our back-end systems, and our security team has done an incredible job to identify the situation and very quickly notify the Celsius community with extreme urgency on the steps and precautions to be followed.”

The announcement notes that Celsius’ team is still actively investigating how the unauthorized actor was able to access its third-party email system.

“We know that customers who had not registered an email or phone number with Celsius also received fraudulent messages to these contact details, thus we believe the data was collected from external data sources,” the post added.

The email breach occurred the day after Celsius’ native CEL token was listed for trading on major exchange OKEx.

Despite the incident, the price of CEL is up nearly 1% in the past 24 hours and has gained 50% in the past fortnight. Cel last changed hands for $7.03, according to CoinGecko.