Nexo AG Says Interested in Acquiring Celcius Network's Remaining Qualifying Assets

blockchain.news:

Nexo AG has released a Letter of Intent showing its potential interest in the possible acquisition of certain assets of crypto firm Celcius Network LLC and Celsius Lending LLC.

In the letter, Nexo stated that the company, its partners and affiliates are interested in acquiring «certain remaining qualifying assets, mainly collateralized loan receivables secured by corresponding collateral assets, brand assets and customer database of the business».

This comes following the crypto lending platform's Monday announcement to pause all withdrawals and transfers between accounts due to extreme market conditions.

“In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place,” the official company blog reads.

Celcius has not replied to Nexo's interest yet.

The platform, one of the biggest crypto lenders, said customers can continue to accrue rewards during the pause in line, reiterating that the network is “taking necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the blog post added.

Reportedly, up to 50,000 Ethereum (ETH) and 3,500 Wrapped Bitcoin (WBTC) were being moved to an address located in FTX a few hours ago before the suspension, according to an alert citing King Data's Etherscan. The transfer is worth around $63.64 million and $86.499 million respectively based on the current price.  

The announcement has come during one of the many bumpy weekends in the crypto market. Crypto space was suffering from multiple bearish events recently, including the collapse of LUNA and UST events.

According to the latest