Bankrupt Crypto Lender Celsius Moves Over $10,000,000 Worth of Ethereum (ETH) To Exchange: On-Chain Data
An address associated with failed crypto lending platform Celsius has moved millions of dollars worth of Ethereum (ETH) to an exchange, according to on-chain data.
Citing data obtained from blockchain explorer Etherscan, on-chain data tracker Lookonchain says that Celsius moved 5,160 ETH worth approximately $10.49 million to institutional crypto trading platform FalconX.
According to Lookonchain, Celsius, which filed for bankruptcy in July of 2022, possibly “wants to sell some assets with the rising prices.”
Ethereum is trading at $2,033 at time of writing, up by nearly 80% year-to-date.
Lookonchain further says that Celsius also moved various tokens to FalconX as well as Binance and OKX crypto exchanges five days ago. The tokens include various stablecoins, the governance token of the Abracadabra DeFi platform Spell (SPELL) and the utility token of the Brave browser Basic Attention Token (BAT).
The large transfer of Ethereum by the bankrupt crypto lender comes days after a judge approved Celsius’ bankruptcy plan. The bankruptcy plan will see Celsius converted into a crypto mining and staking firm owned by the creditors.
The outfit will be known as NewCo and is expected to have a $1.25 billion balance sheet, of which 36% will be liquid crypto. Some or all of the liquid crypto will be staked on the Ethereum network and will potentially bring in “anywhere from $10 to $20 million per year”.
Generated Image: Midjourney