BnkToTheFuture, a shareholder in Celsius, proposes Bitcoin investments and reorganization in a rescue bid

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BnkToTheFuture, a shareholder in Celsius, proposes Bitcoin investments and reorganization in a rescue bid

BnkToTheFuture, a shareholder in Celsius, proposes Bitcoin investments and reorganization in a rescue bid
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Source: CoinDesk
1656682587 01 Jul / 13:36

Thursday, the crypto investing portal BnkToTheFuture presented three recovery solutions to assist consumers impacted by the bankruptcy of crypto lender Celsius.

BnkToTheFuture is registered with the Cayman Islands Monetary Authority as an excluded securities firm and holds 5% of Celsius. "We think this authorizes us to convene a shareholder meeting by our statutory shareholder rights, which the Celsius board cannot legally disregard," the company wrote in a Thursday post.

The first suggestion asks for the reorganization and relaunch of Celsius, which would let depositors profit from "any comeback through financial engineering." This might relate to the distribution of extra tokens or the solicitation of further funds.

The second plan is to build a pool of the most influential bitcoin (BTC) holders and have them “co-invest with the community” to collect substantial funds for Celsius. BnkToTheFuture said it managed Celsius’s previous fundraising effort, in which 1,039 investors contributed over $20 million.

BnkToTheFuture noted, “We completed a similar disaster recovery offering for Bitfinex in 2016.” Over $76 million was received from investors to assist the then-struggling cryptocurrency exchange, which had 120,000 bitcoin stolen.

The third idea is to “reform an operational plan that allows a new entity and team to rebuild and make depositors whole.”

The action, however, would include “risks and complete recovery of cash is not assured,” according to BnkToTheFuture.

Friday marks the beginning of a community vote on the three options, after which BnkToTheFuture is anticipated to conduct a formal meeting with Celsius board members.

At press time, BnkToTheFuture did not immediately react to calls for comment.

Earlier this month, Celsius halted withdrawals from its platform, claiming “extreme market circumstances,” which prompted worries of its imminent collapse. The suspension of customer withdrawals continues, and authorities have launched a probe into the corporation.

Celsius stated on Thursday that it is considering measures to “preserve and protect assets.”

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