BnkToTheFuture, a lead investor in beleaguered cryptocurrency lending platform Celsius, has put forth three proposals to save the company from going under.
What Happened: On Friday, CEO of BkToTheFuture Simon Dixon shared the Depositor's First Celsius Recovery Plan in a post on Twitter.
#DepositorsFirst Celsius Recovery Plan https://t.co/YkGy3N0Gwd
— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) June 30, 2022
“Bnk To The Future Capital SPC holds over 5% of Celsius shares and therefore we believe that this allows us to call a shareholder meeting as part of our statutory shareholder rights that legally cannot be ignored by the Celsius board,” said Dixon.
In one of the recovery proposals, the firm suggested that a pool of the most influential Bitcoin (CRYPTO: BTC) whales co-invest with the community.
“We completed a similar disaster recovery offering for Bitfinex in 2016,” said BnkToTheFuture.
The firm also proposed a restructuring to relaunch Celsius and allow depositors to benefit from any recovery through financial engineering. The third proposal involves an operational plan to create a new entity to make depositors whole.
See Also: IS CELSIUS TOKEN DEAD?
Earlier today, Celsius said it was exploring all the options available to stabilize liquidity and operations. The company said it was “working with experts” from different fields in these “exhaustive explorations.”
Users have been unable to withdraw tokens from Celsius after June 13 when the platform halted all withdrawals over liquidity concerns. Celsius’ native token CEL (CRYPTO: CEL) plunged 60% over the last two weeks and was trading at $0.62 at press time.
Photo via mundissima on Shutterstock
