Bankrupt Celsius transfers $24M price of altcoins to FalconX, OKX

Bankrupt crypto lender Celsius Community despatched round $24 million price of altcoins to OKX and FalconX wallets through the early hours of June 17.

Knowledge from Arkham Intelligence exhibits that the majority of the funds have been despatched to the cryptocurrency brokerage agency, FalconX. The corporate acquired $8.46 million price of Chainlink (LINK), $7.71 million in Synthetix (SNX), and $3.06 million BNB.

Different property despatched to FalconX embody $2.1 million price of 1INCH, $1.87 million in 0x Protocol’s ZRX token, and  $718,000 price of FTX’s native token, FTT.

In the meantime, the bankrupt lender additionally transferred roughly $235,000 price of ShibaSwap’s BONE to the OKX trade.

The transactions have been corroborated by blockchain investigator, Lookonchain, who added that FalconX was depositing the altcoins to Binance.

The transactions seem like the on-chain proof that the lender is trying to liquidate the digital property for Bitcoin (BTC) and Ethereum (ETH) consistent with its latest court docket approval.

Celsius nonetheless holds over $180M price of altcoins.

Following the latest transfers, Dune analytics information exhibits that Celsius nonetheless holds round $183 million price of altcoins, together with its CEL token, Polygon’s MATIC, Avalanche’s AVAX token, stablecoins, and others.

Celsius’s altcoin holding is dominated by its CEL token, price $106.28 million on the time of writing.

On June 10, blockchain analytical agency Kaiko warned that Celsius may have bother liquidating a few of its altcoins due to liquidity points. The agency highlighted how liquidity for CEL is nearly non-existent and the way the liquidations of different property may exert stress on the crypto market.

In the meantime, the chart above exhibits that Celsius’s BTC and ETH holdings account for over $350  million of the entire property in its portfolio.

Celsius co-founder faces court docket battle.

Amid Celsius’s efforts to liquidate its property, the bankrupt agency agreed to a $4.7 billion positive with the Federal Commerce Fee (FTC) on July 13.

In the meantime, Celsius co-founder Alex Mashinsky additionally faces prices from U.S. regulators, together with the Securities and Trade Fee (SEC), which alleged that he violated federal securities regulation. Mashinsky is out on a $40 million bail after he was arrested on July 13.

Different regulatory businesses, together with the U.S. Division of Justice, CFTC, and FTC, additionally filed prices in opposition to him.

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