Celsius moved $74 million worth of altcoins for conversion


Bankruptcy company Celsius Network moved about $74 million worth of altcoins to be converted into bitcoin and Ethereum as part of a settlement with creditors. This is evidenced by data from Arkham Intelligence.

Celsius transaction history. Data: Arkham Intelligence.

Among the transferred coins: Chainlink (LINK), Polygon (MATIC), Synthetix (SNX), Avalanche (AVA), Uniswap (UNI), as well as BUSD, USDC and LUSD stablecoins. The firm has also moved some of its ETH and WBTC between its addresses.

The principal was sent to wallets linked to market maker Wintermute, custodian Fireblocks and stablecoin issuer Paxos.

Celsius proposed a plan to convert altcoins in mid-July. At the end of the month, the court approved the initiative, instructing the company to make every effort to maximize the value of assets.

According to Arkham, the firm holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in Ethereum. The reserves of the native CEL token are estimated at $100 million, and the total volume of stablecoins is about $30 million.

In parallel with the movement of altcoins, Bloomberg reported that the US Commodity Futures Trading Commission (CFTC) is preparing to file a lawsuit against Celsius. Lawyers of the department came to the conclusion that the company and its CEO Alex Mashinsky misled investors and engaged in financial activities without a license.

In June 2022, Celsius suspended withdrawals, exchanges and transfers between accounts “due to extreme market conditions”.

In July, after filing for bankruptcy, Celsius reported a $1.2 billion hole in its balance sheet. In August, it became known that the company’s liabilities exceeded its assets by $2.85 billion.

Recall that in May 2023, the company transferred $74.3 million in Ethereum to the Figment staking service.

Celsius later moved $776 million in stETH ahead of the launch of Lido Finance v2, a liquid staking platform.

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