- Celsius, a bankrupt cryptocurrency lending firm, is selling its self-custody platform GK8 for $25 million.
- The sale proceeds will be used to pay off legal fees, with $24 million allocated for this purpose.
- The remaining $1 million will be distributed among the shareholders.
- The settlement agreement aims to avoid costly litigation and ensure a smooth process.
- Celsius acquired GK8 for $115 million in 2021 but was forced to sell it due to restructuring after its collapse in 2022.
- GK8 was acquired by Galaxy Digital, led by Mike Novogratz, in late 2022.
- Celsius is currently facing legal issues, including a lawsuit from the SEC and the arrest of its former CEO Alex Mashinsky.
Well, well, well… it seems like Celsius is feeling the heat as they offload their self-custody platform GK8 for a fraction of what they paid for it. With 96% of the sale proceeds going towards legal fees, it’s clear that Celsius is in deep waters. But hey, at least they managed to reach a settlement to avoid more costly litigation. This whole saga just goes to show that even in the world of crypto, you gotta watch your back and count your coins!