Celsius Revival Plan Appears to Include Issuing Wrapped Assets

Sept 22,2022
KingData News: A newly leaked recording of Celsius' leadership further details executives' proposal to pay back customers, which includes issuing new wrapped assets to trade on other platforms. The idea is to funnel Celsius' remaining funds allocated to repaying customers into wallets, then issue wrapped tokens, known as Cx tokens, to represent the ratio of how much the firm owes to how much it has on hand. For example, customers waiting to redeem their bitcoin will receive CxBTC tokens. In addition to the redemption mechanism, Goldstein says Celsius plans to enable trading for the wrapped tokens on other venues.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.