Celsius Cancels Original Motion to Rehire Former CFO

Struggling cryptocurrency lender Celsius has dropped the motion to rehire its former chief financial officer (CFO) Rod Bolger to assist the platform with bankruptcy proceedings in an advisory capacity.

Timeline of Celsius

Ripple Labs could be interested in buying the assets of embattled crypto lender Celsius Network, Reuters reported August 10. The post Ripple shows interest in acquiring Celsius appeared first on CryptoSlate.

DR San Francisco-based company Ripple Labs Inc is potentially interested in purchasing assets of bankrupt Crypto Lender: Celsius. Ripple is actively looking for market opportunities to “strategically scale the company,” according to Ripple's spokesperson.

When Celsius paused withdrawals on June 13, 2022, they set into motion a large chain of events. More than a million Celsius customers were immediately denied access to their digital assets.

Ripple Labs, the company behind cryptocurrency XRP, is a potential buyer of Celsius network's assets. According to a Reuters report, the blockchain payments company is interested in Celsius' assets but there is no clarity on the exact plans.

San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson.

The Terra-UST collapse has led to a domino effect in the crypto space which does not appear to have settled. As Celsius Network reported a liquidity issue, the withdrawals & transfers were halted. However, as it filed for bankruptcy, the trouble raised notably which peaked as the US regulators tightened their grip over the platform.

Last week, news of Celsius' motion to hire its ex-CFO Rod Bolger on a contract basis for $92,000 a month made the rounds. Once the community caught wind of this, users began to share their opinions of the motion, and as expected, the majority was not impressed with this move.

A court filing submitted Friday in the Southern District of New York states that the bankrupt cryptocurrency lender Celsius has dropped its plea to reinstate former CFO Rod Bolger, reported CNBC. The withdrawal notice was published just before a Monday, August 8 hearing to review it.

According to a court filing in the Southern District of New York, lending platform Celsius has withdrawn its motion to hire former CFO, Rod Bolger. The motion would have had the CFO paid $92,000 per month for a period of at least six weeks, prorated.

Celsius has withdrawn its motion to rehire former CFO Rod Bolger as a consultant, according to an August 5 court filing. The post Celsius backtracks on hiring former CFO as consultant appeared first on CryptoSlate.