BnkToTheFuture presents 3 Proposals to Save Celsius from Collapse
The leading investor of Celsius BnkToTheFuture outlined three proposals to save Celsius from bankruptcy, finding a good option for shareholders and depositors with funds stuck on the platform.
The three separate proposals include either two options for restructuring and relaunching Celsius, or a potential joint investment in the platform together with rich bitcoin whales.
- Proposal No. 1: Restructuring to restart and provide investors with the benefits of any recovery through financial engineering.
- Proposal No. 2: A pool of the most influential whales in bitcoin for joint investment with the community.
- Proposal No3: An operational plan that allows a new legal entity and team to restore and rehabilitate depositors.
CEO of BnkToTheFuture Simon Dixon previously referred to "financial innovations" that need to be applied to Celsius, similar to the issuance of equity debt tokens, as in the case of Bitfinex in 2016, which were supposed to represent $1 of debt per token.
"We believe that all attempts should be made to recover depositors' funds in order to preserve shareholder value," the team wrote, adding that there will be a call for a shareholders' meeting that "cannot legally be ignored by the Celsius board of directors."
"Bnk To The Future Capital SPC owns more than 5% of the shares, and therefore we believe that this allows us to convene a shareholders' meeting within our statutory shareholder rights, which cannot legally be ignored by the Celsius board of directors."
Celsius users have been unable to withdraw assets from the platform since June 13 amid the company's current liquidity problems, and there are concerns that users will never get their funds back if the company goes bankrupt. In a blog post dated July 1, Celsius stated that it is working as fast as it can to stabilize its liquidity problems.
On June 30, there were reports that Sam Bankman-Fried's FTX crypto exchange recently pulled out of a deal to buy Celsius after it discovered a $2 billion hole in the company's finances. According to two unnamed sources close to the matter, FTX has entered into negotiations with Celsius to either provide financial support or acquire the firm directly.
https://coin-signal.com/cryptonews/bnktothefuture-presents-3-proposals-to-save-celsius-from-collapse/
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