Bankrupt Lending Platform Celsius Agrees To Purchase Bid By Fahrenheit BtcCasey May 25, 2023 A new company will be formed by the acquisition of embattled lender Celsius, which went bankrupt amidst the larger turmoil of 2022.
Bitcoin Magazine
Bankrupt Lending Platform Celsius Agrees To Purchase Bid By Fahrenheit
A new company will be formed by the acquisition of embattled lender Celsius, which went bankrupt amidst the larger turmoil of 2022.
 Bankrupt lending platform Celsius Network LLC has announced that it has selected a proposal by Fahrenheit as the winning bid to lead the company out of bankruptcy, according to reporting by Reuters [1]. Celsius, which filed for Chapter 11 [2] protection in July, sought a buyer to manage its cryptocurrency lending and bitcoin mining businesses. The chosen consortium, Fahrenheit, includes Arrington Capital, a blockchain-based venture capital firm. In addition to the consortium acquiring the company, a new board of directors, primarily appointed by creditors, will oversee the new company formed as a result of the purchase. Celsius also revealed that it has secured a backup bid from the Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with Gemini Trust, owned by the Winklevoss twins, ensuring an alternative option in case the deal with Fahrenheit falls through. According to Celsius, Fahrenheit will provide the necessary capital, management expertise, and technology to navigate the bankruptcy. The consortium's selection indicates a potential positive outcome for Celsius and its creditors, allowing the company to move forward under new management and ownership. Links: [1] https://www.reuters.com/markets/deals/crypto-lender-celsius-picks-fahrenheits-bid-bankruptcy-exit-2023-05-25/ [2]
Bitcoin Magazine
Celsius Bankruptcy Shows Reckless Behavior With A $1.2 Billion Hole In Its Balance Sheet
Celsius files for Chapter 11 bankruptcy. The company’s balance sheet shows a gap of $1.2 billion and reckless behavior with customer deposits.
Bitcoin Payments App Bottlepay To Shutdown Services BtcCasey May 25, 2023 The company is encouraging users to withdraw their funds and to save transaction statements before the app’s closure.
Bitcoin Magazine
Bitcoin Payments App Bottlepay To Shutdown Services
The company is encouraging users to withdraw their funds and to save transaction statements before the app’s closure.
 Bottlepay [1], a popular consumer app for Bitcoin transactions, has announced [2] its closure on Monday, July 24, 2023, leaving users with the task of withdrawing their funds. The company stated that all accounts will be closed, and users are urged to withdraw their funds either as Bitcoin or fiat currency (GBP/EUR) from the Bottlepay app before the closure date. Failure to withdraw funds by the closure date will result in Bitcoin being converted to fiat currency and returned to the nominated bank account, while any fiat left in the account will be returned to the nominated bank account as well. In a statement, Bottlepay advised users to utilize the app's downloads feature to save transaction statements before the closure date. The company emphasized that Bitcoin transactions can have tax implications, making the downloaded information valuable for future reference. As the closure date approaches, Bottlepay may contact users who still have Bitcoin or fiat currency in their accounts, either through the app or via email. However, the company cautioned users to be aware of potential scams and never initiate an offboarding process outside of the app. Regarding the next steps, users are advised to download their transaction history and close their Bottlepay accounts. Instructions on how to withdraw funds from Bitcoin and fiat accounts, as well as how to download transaction history and close accounts, can be found on the app. In a closing note, Bottlepay expressed gratitude to its customers and apologized for the inconvenience caused by the closure. While the company refrained from making specific recommendations about what to do with Bitcoin funds, users were encouraged to exercise due diligence when selecting alternative custodial wallets or converting Bitcoin to fiat currency. The Financial Conduct Authority (FCA) register can be consulted for information on other FCA-registered cryptoasset businesses operating in the UK. Links: [1]
Bottlepay
 [2]
Bottlepay