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Bankrupt lending platform Celsius Network LLC has announced that it has selected a proposal by Fahrenheit as the winning bid to lead the company out of bankruptcy, according to reporting by Reuters.

Celsius, which filed for Chapter 11 protection in July, sought a buyer to manage its cryptocurrency lending and bitcoin mining businesses. The chosen consortium, Fahrenheit, includes Arrington Capital, a blockchain-based venture capital firm. In addition to the consortium acquiring the company, a new board of directors, primarily appointed by creditors, will oversee the new company formed as a result of the purchase.

Celsius also revealed that it has secured a backup bid from the Blockchain Recovery Investment Consortium (BRIC), a holding company affiliated with Gemini Trust, owned by the Winklevoss twins, ensuring an alternative option in case the deal with Fahrenheit falls through.

According to Celsius, Fahrenheit will provide the necessary capital, management expertise, and technology to navigate the bankruptcy. The consortium's selection indicates a potential positive outcome for Celsius and its creditors, allowing the company to move forward under new management and ownership.





BANKRUPT LENDING PLATFORM CELSIUS AGREES TO PURCHASE BID BY FAHRENHEIT

1. What is a private key? 🔐

2. A private key is a critical aspect of #cryptocurrencies, acting as a form of secure digital identity.

3. Definition: In the context of #cryptocurrencies, a private key is a secret, alphanumeric password/number that is used to spend or send your cryptocurrencies to another address.

4. These keys are an integral aspect of #cryptocurrencies and are an essential part of the encryption and decryption process that makes transactions possible.

5. Security: Private keys should always be kept secret.
Anyone who has access to your private key can control your cryptocurrency, send it to their own addresses, and own it. Unlike traditional banks, there is no recovery mechanism for lost keys. Once lost, they're lost forever.

6. Public Key Cryptography: Private keys are part of public key cryptography. Your public key is derived from your private key through a complex mathematical algorithm.

7. However, the reverse process is impossible, which means your private key cannot be derived from your public key, keeping your private key safe.

8. Wallets: In most cases, your private key is stored within your #crypto wallet. Wallets are applications that manage your private and public keys and allow you to send and receive cryptocurrencies. They also interact with blockchains to enable users to send and receive them.

9. Backup: It's crucial to back up your private key (or the seed phrase which is linked to it) in a secure, offline environment, such as on a piece of paper or a hardware wallet. Never share it with anyone or save it on a computer or phone that is connected to the internet.

10. Remember, in the world of #cryptocurrencies, possession of the private key means possession of the assets associated with it. Always protect your private keys and be mindful of scams asking for them 🚨