Embattled crypto financier Celsius has moved more than $125 million worth of ether (ETH) to crypto exchanges over the past week as it plans to start repaying creditors.
From January 8th to January 12th, Celsius transferred $95.5 million to Coinbase and $29.7 million was transferred to FalconX, according to the report. data From Arkham Intelligence.
Celsius appears to have taken advantage of the opportunity to unload over $125 million in ETH during ETF Week.
Over the past week, they deposited $95.5 million into Coinbase and transferred $29.73 million to FalconX.
They still have $1.4 billion (540,000 ETH) left.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye
— Arkham (@ArkhamIntel) January 13, 2024
However, Celsius still holds over 550,000 ETH on its books, worth a staggering $1.36 billion at the time of publication.
On January 5th, Celsius moved to unstake 206,300 ETH (worth $407 million at the time), with lenders using the newly released ether to pay for expenses incurred in the restructuring process and to creditors. He claimed that the funds would be used to prepare for repayment.
Related: Celsius files intent to recover some pre-bankruptcy withdrawals
Celsius announced that it will distribute Bitcoin (BTC) and ETH to creditors for recovery. plan However, it has not yet specified a specific date for creditors to start receiving funds.
Celsius' creditors have been waiting more than 18 months to receive funds stuck on the platform since the company first declared bankruptcy in July 2022.
FTX and Alameda transfer $28 million to exchange
Celsior is not the only company to suffer after moving its crypto holdings to exchanges in recent weeks.
Bankrupt cryptocurrency exchange FTX and its defunct trading arm Alameda Research made independent moves on January 14 to transfer $28 million worth of cryptocurrencies to the exchange, according to data from blockchain analytics platform SpotOnChain. I did it.
institution #FTX and #Celsius Moved $35.1 million worth $WBTC and $ETH to CEX as $BTC and $ETH Prices skyrocketed in 24 hours.
1. #FTX and #Alameda Research transferred $11.72 million, including:
– 200 $WBTC (from $9.39 million) #Binance At $46,952
– 1,000 $ETH (from $2.33 million) #coinbase For $2,3302.… https://t.co/oggGMhcUC8 pic.twitter.com/o79tjOQWLk
— Spotonchain (@spotonchain) January 9, 2024
The transfers included $18.7 million worth of wrapped Bitcoin, $8 million worth of Ether, and $1 million worth of PENDLE to Coinbase and Binance.
After FTX and Alameda Research declared bankruptcy last November, FTX has sought to raise funds to pay off creditors. The FTX administrator was able to recover approximately $7 billion in assets, of which he recovered $3.4 billion worth of cryptocurrencies.
The market is heating up on FTX creditor claims, with some trading as high as $1 to $0.50 in October last year, suggesting there is a good chance creditors will be fully bailed out. Suggests. There is no exact date as to when FTX customers will be redeemed, but current plans estimate that redemptions should begin sometime this year.
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