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Bankrupt Crypto Company Celsius Could Get New Life From Wall Street

Wall Street heavyweights Apollo Global Management and Fortress Investment Group are competing to buy bankrupt cryptocurrency lender Celsius Network. Each group is proposing to invest around $50 million to help restart Celsius under new management, with the aim of resuming some operations as a publicly traded company owned mostly by its creditors. The competition for Celsius could mean a higher payout to its creditors, including hundreds of thousands of customers who deposited their crypto with the company. Both groups are focused on increasing Celsius's crypto-mining business and processing and verifying transactions using customers' crypto holdings, but neither plans to immediately restart Celsius’s consumer lending business.

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