Celsius Liquidates $25 Million In Altcoins After Court’s Approval To Move Funds
Bankrupt crypto lender Celsius has liquidated nearly $25 million in different altcoins after a US court approved the firm to convert altcoins to BTC and ETH earlier this month.
Celsius Network liquidated several altcoins worth nearly $25 million, including Chainlink (LINK), BNB coin, Synthetix Network (SNX), 1Inch, and 0x Protocol (ZRX), Shiba Inu’s BONE among others.
The sell off comes after a US court approved the network’s request to convert altcoins to BTC and ETH so they could distribute that to their creditors.
The court allowed the bankrupt firm to convert $170 million worth of altcoins to BTC and ETH.
Last week, Celsius Network moved at least $70 million of altcoins to “Celsius Network: OTC” wallet from the company’s “Fireblocks Custody” wallet in multiple transactions.
As per the on-chain analytics platform Lookonchain, Celsius Network moved 1.27M $LINK ($8.5M), 2.83M $SNX ($7.84M), 12,597 $BNB ($3M), 4.45M 1INCH ($2.26M), 8.53M $ZRX ($1.9M), and 439K $FTX ($713K) to FalconX.
Celsius also transferred 186,149 BONE tokens worth around $235,000 to the OKX crypto exchange.
When Celsius moved $70 million worth of altcoins to its new wallets, it held nearly $164.5 million worth of altcoins on the Ethereum Virtual Machine (EVM) chain. Out of which it has now sold nearly $25 million worth of tokens.
As reported earlier, Celsius reportedly transferred nearly $160 million worth of wrapped Bitcoin to third-party wallets before it filed for bankruptcy in July 2022.
Several of those addresses are reportedly controlled by Wintermute.
Celsius moved roughly $20 million worth of WETH into a Wintermute wallet in May, blockchain intelligence firm Arkham reported.
As per the new agreement, Celsius Network's new owner crypto consortium
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