Redefining a Buyer’s Market

Aside from presenting a new margin model to the CFTC, lobbying Congress for pro-crypto legislation, and making significant political campaign donations, Sam Bankman-Fried has also provided bail-outs to many struggling and bankrupt crypto companies. Today there are rumors that he is reconsidering his stance on Celsius.

• Celsius began pausing customer withdrawals in June, shortly after the UST debacle. By the time July rolled around, they were filing for bankruptcy.
• Conflicting statements made by executives, as well as regulator accusations that Celsius misrepresented its financial health, lead to an outside examiner appointed by the court.
• The Committee of Unsecured Creditors (UCC) also began an investigation into the firm and its leadership that ultimately led to the group demanding that Mashinsky be removed.
• On Tuesday September 27, Celsius CEO and founder Alex Mashinsky announced his resignation.  Chris Ferraro was promoted to Chief Restructuring Officer and Interim Executive Officer.
• Just a few hours later reports surfaced that SBF was reconsidering an acquisition of the bankrupt cryptocurrency lending company.

With the roller coaster of news today, Celsius ($CEL) initially dropped in price but surged after the SBF rumors began to surface. How many more companies will FTX acquire during this crypto downturn? Celsius could soon be added to the list, but you never know what lurks just beyond the next candle close.