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Bankrupt cryptocurrency lending company, Celsius’ (CRYPTO: CEL) successor company is likely to appoint former Algorand (CRYPTO: ALGO) CEO Steve Kokinos who stepped down from his role in July 2022. He is also a co-owner of Fahrenheit which won the Celsius auction in May 2023 wherein it undertook around $500 million worth of liquid crypto.
A serial entrepreneur and investor for more than 25 years, Kokinos has been founding and operating companies ranging from internet infrastructure, cloud software, communications and crypto. He is also co-owner of Arrington Capital, Ravi Kaza, Proof Group and crypto mining firm US Bitcoin Corp.
The new company, currently pseudo-named “NewCo,” will be registered under a Delaware corporation. Its board of directors includes executives from WeWork, Credit Suisse and UBS, with two members from Celsius’ creditor committee.
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The Takeover
Celsius filed for bankruptcy protection as it owed billions to investors in the midst of the crypto downturn. Celsius creditors are in favor of Fahrenheit’s proposed takeover, which could allow investors to recover some of their lost funds. The deadline for the takeover is Sep.22, 2023.
Also Read: Celsius Network's Bankruptcy Battle Takes A New Turn With $25M GK8 Sale
The consortium will take over Celsius' institutional loan portfolio, staked crypto, and bitcoin mining unit. In early September, former Celsius CEO Alex Mashinsky’s banking and real estate assets were frozen amid a criminal investigation for allegedly manipulating the company’s Celsius token (CRYPTO: CEL).
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Read more: Former Celsius CEO Alex Mashinsky Faces Assets Freeze Amid Criminal Investigation
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