Celsius Network Ltd, a troubled and bankrupt crypto lender, has revealed the auction dates for its assets.

Established In a filing with the US Bankruptcy Court for the Southern District of New York, the deadline for the final offer was set for October 17, but if necessary, it will be postponed until October 20.

The presentation added:

“A sale hearing will be held on November 1 at 11 a.m. before Chief U.S. Bankruptcy Judge Martin Glenn via Zoom.”

Celsius recently revealed that he did not plan to ask his debtors to pay their outstanding loans during his Chapter 11 bankruptcy proceedings, Blockchain.News informed.

Celsius, founded in 2017, delivered interest-bearing products to crypto owners who deposited their funds, with returns of up to 18.6% per year. In turn, the company would lend CRYPTOCURRENCIES for profit.

The rain began to hit the company because it took more risks than it could handle, according to to a report in the Wall Street Journal (WSJ). Celsius had a total asset base of $19 billion, but its capital contribution was pegged at just $1 billion.

The WSJ drew the analogy that the company’s assets-to-equity ratio was more than double the average for all North American banks in the S&P 1500 Composite Index, which is close to 9:1.

Thus, Celsius has been one of the major crypto players that have gone down the drain amidst this year’s market crash. Others include crypto lender Voyager Digital Ltd. and hedge fund Three Arrows Capital.

Terraform Labs native tokens Luna and UST stablecoin also crashed with company founder Do Kwon still at large despite doing claim (it is that does not hide.

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