Celsius Bid Plan Approved by U.S. Federal Judge to Sell Assets by Year-End

According to The Block, encrypted lending platform Celsius’s bidding process plan has been approved by a US federal judge. Celsius plans to solicit bids for its retail asset business, which includes account and token balances, retail and institutional loan portfolios, exchange services, staking platforms, payment features, the DeFi sector, and any crypto assets it holds. "Assets", which include mining operations. The order sets out dates and deadlines related to the possible sale of the assets, authorizes Celsius to select a potential bidder and, if it chooses to do so, must obtain court and creditor approval. The order sets Dec. 12 as the deadline for final bids and, if necessary, an auction on Dec. 15. Once the winning bidder has been selected, a sale hearing will be held on December 22 to hear any objections or related discussions. The order also includes the appointment of a consumer privacy ombudsman who will ensure that customer information is adequately protected throughout the sale process.