There doesn’t seem to be an end in sight Celsius network Theatre. After submission for Chapter 11 bankruptcy, the crypto lending platform will now switch its business model to crypto custody services.

What happened: According to a recording sent to the New York Times through Tiffany Fong, Celsius CEL/USD chairman Alex Maschinsky joint plans to bail out the company by switching from lending to crypto custody.

On the recording, Mashinksy and Oren Blonsteinanother Celsius executive, defended her plans after being skeptically rebuffed by company officials.

They also named this new project, Kelvin, after the unit of temperature.

A Celsius spokeswoman explained that the company typically holds internal meetings to “prepare for all scenarios.”

“Our employees are at the center of our efforts,” the statement said. “We will continue to rely on them to assist us in preparing any requirements needed to implement the final recovery plan as quickly as possible.”

A request by the US Department of Justice for an independent auditor to review Celsius’s finances and operations during bankruptcy was granted, and Chief US Bankruptcy Judge Martin Glenn was scheduled to review the request at a September 14 hearing.

Our next hearing is currently scheduled for September 14, 2022. We look forward to continuing to update our customers throughout our process.

— Celsius (@CelsiusNetwork) September 1, 2022

Celsius bought an Israeli cold storage start-up called GK8 for $115 million in November 2021, which could be part of the assets considered in Celsius’ bankruptcy.

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