Crypto loan Celsius sells GK8 platform for $ 25 million-creditors go away empty-handed

Crypto loan Celsius sells GK8 platform for $ 25 million-creditors go away empty-handed

The crypto loan Celsius was found in a lengthy bankruptcy proceedings after he acquired the GK8 platform less than a year ago. It has now been announced that Celsius agreed to sell the Self Custody platform. However, the sales price of $ 25 million is a clear loss compared to the original purchase price.

Despite the sale of the GK8 platform, the creditors will not benefit from the proceeds. Instead, the majority of the money is used to pay the legal fees. A total of $ 24 million is provided for covering legal costs that have been incurred in the course of the insolvency proceedings. Only $ 1 million is paid to the owner of Series B.

The decision to advance the sale of the platform serves according to Celsius to reduce administrative costs. The originally approved owners of Series B should benefit from this.

In addition to the sale of the GK8 platform, Celsius has also started selling other assets. According to reports, crypto-assets worth $ 63 million are currently being sold. These assets are offered for sale on stock exchanges to facilitate repayment.

The native token from Celsius, Cel, has recorded a decline of over 97 % since his all-time high of $ 7.99. The current course is $ 0.16, which corresponds to an increase of 2.35 % on the last day.

It remains to be seen how Celsius' insolvency proceedings will develop and what effects this will have on the creditors and the crypto market.