Defunct cryptocurrency lender Celsius aims to secure more than $14 million from credits and coupons backed by Bitmain, according to an interim CEO Christopher Ferraro in a bankruptcy court filing dated Feb. 9, 2023. Ferraro stated in the filing that the “coupons currently provide no utility to the debtors’ mining business.”According to Christopher Ferraro, interim CEO of, the bankrupt cryptocurrency lending firm is seeking to raise $14.
“I do not foresee the debtors being interested in using the Bitmain Coupons to acquire mining rigs,” Ferraro wrote in the. “Therefore, the Bitmain Coupons provide no utility to the debtors’ estates because the debtors do not intend to use these Bitmain Coupons to purchase new mining rigs prior to their expiration. The sale of the Bitmain Coupons, on the other hand, would allow the debtors to realize approximately $7.
The interim CEO of Celsius stated that the debtors are currently in discussions with “six potential buyers.” While the Bitmain credits do not have an expiration date like the coupons, they are not transferable due to Bitmain’s updated 2023 terms of service that restrict the transfer of the credits. “As the Bitmain credits cannot be assigned directly, the debtors plan to use the credits to purchase mining rigs on behalf of third-party buyers,” Ferraro told the court.
Ferraro argues that it wouldn’t be prudent to retain the Bitmain credits, due to the potential loss in value from fluctuations in energy and bitcoin prices, and the possibility that Bitmain may alter the rules for using these credits. Ferraro views it as a “golden opportunity” for the debtors to sell the credits for immediate liquidity, rather than retaining something that might ultimately hold no value for them in the long run.
Haha, bankrupted celsisu should be bought by binance soon.
Hopefully the money is returned to creditors. They already stole so much.
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That's really messed up, how come they can raise that much
wtf?
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