Celsius Network, a bankrupt crypto lender, is going through a Chapter 11 bankruptcy with billions of dollars in claims made by various parties. As reported by the Bank of the Future, Celsius expects to repay the claims if the two assets held by the firm price of Bitcoin (BTC $30,144) and Ether (ETH $1,908), doubled their current market prices.
Simon Dixon, founder, Bank of the Future, a crypto-based investment firm, tweeted the estimated price BTC and ETH need to reach for Celsius to repay all its claims and keep all other assets, Cointelegraph added.
Sources revealed that as per the final deal with the Fahrenheit consortium, which won the bid to occupy the assets of Celsius in May, if the BTC price reaches $54,879 and the ETH price reaches $3,750, then Celsius will be able to repay all claims from the price appreciation of both assets, Cointelegraph highlighted.
Furthermore, “It is very important that we get out of Chapter 11 before Bitcoin & $ETH approach these numbers to avoid another rug pull that we will need to fight hard against if it comes up,” Simon Dixon told Cointelegraph.
(With insights from Cointelegraph)