Celsius Gains Court Approval For Its Bidding Procedure

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Alex Mashinsky, Photo Source: Vietnam Posts English

Martin Glenn, the federal judge presiding over Celsius’ bankruptcy proceedings, gave his approval for Celsius’ proposed auctioning of its assets.

As per the court filings, the bankrupt lender can now schedule bids on its retail assets, lending and staking solutions, coin balances, and mining business. The motion also authorized Celsius to choose a stalking horse bidder to ensure it gets higher bids during the auction.

Moreover, the Court has agreed to appoint a third-party privacy ombudsman, noting,

“Given the significant amount of potential customer data that could be included in a sale, the Court finds that appointing a neutral Consumer Privacy Ombudsman early in the sale process will ensure that any sale adequately protects such customer data.” 



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Earlier, Celsius disclosed the account details of over 600K customers, raising concerns about financial privacy.

This led to the US Trustee submitting a proposal for the appointment of an ombudsman to protect the privacy of Celsius users. Celsius objected to this motion, citing that hiring an ombudsman was unnecessary as the firm will follow its own privacy policy.

The US Trustee is now required to submit a separate court order for appointing a consumer privacy ombudsman.

The Court also agreed to set December 12 as the final bid deadline for Celsius’ assets. Celsius has created a list of roughly 30 firms that are potentially interested in its bidding procedure.

The auction for the bankrupt lender's assets is scheduled for December 15.

Written by
Ayush Pande

Martin Glenn, the federal judge presiding over Celsius’ bankruptcy proceedings, gave his approval for Celsius’ proposed auctioning of its assets.

As per the court filings, the bankrupt lender can now schedule bids on its retail assets, lending and staking solutions, coin balances, and mining business. The motion also authorized Celsius to choose a stalking horse bidder to ensure it gets higher bids during the auction.

Moreover, the Court has agreed to appoint a third-party privacy ombudsman, noting,

“Given the significant amount of potential customer data that could be included in a sale, the Court finds that appointing a neutral Consumer Privacy Ombudsman early in the sale process will ensure that any sale adequately protects such customer data.” 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Earlier, Celsius disclosed the account details of over 600K customers, raising concerns about financial privacy.

This led to the US Trustee submitting a proposal for the appointment of an ombudsman to protect the privacy of Celsius users. Celsius objected to this motion, citing that hiring an ombudsman was unnecessary as the firm will follow its own privacy policy.

The US Trustee is now required to submit a separate court order for appointing a consumer privacy ombudsman.

The Court also agreed to set December 12 as the final bid deadline for Celsius’ assets. Celsius has created a list of roughly 30 firms that are potentially interested in its bidding procedure.

The auction for the bankrupt lender's assets is scheduled for December 15.

Written by
Ayush Pande