In a relief to Celsius creditors, New York-based crypto investment firm Galaxy Digital made a successful bid to acquire GK8 from the bankrupt crypto lender. This includes all assets, liabilities, and contracts of GK8, a self-custody that helps both traditional and crypto-native clients manage their digital assets. 

The news was confirmed by the official Twitter account of the Celsius Network. There were weeks of uncertainty regarding the fate of the firm and its assets. This was because the bankrupt crypto lender was on the lookout for a potential buyer. 

Celsius also clarified that proceeds of the sale will go to the company’s estate for the benefit of all stakeholders. While the terms of the deal were not disclosed initially, the Celsius Official Committee of Unsecured Creditors revealed earlier that GK8 bought it at a price close to $44 million.

However, this price stood well below what Celsius paid for GK8 back in November 2021, who paid a whopping $115 million to acquire the Israel-based cybersecurity company. 

(By Suzuki Shillsalot)