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

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

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

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

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

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

The transactions look like the on-chain proof that the lender is seeking to liquidate the digital belongings for Bitcoin (BTC) and Ethereum (ETH) in keeping with its latest courtroom approval.

Celsius nonetheless holds over $180M value of altcoins.

Following the latest transfers, Dune analytics knowledge exhibits that Celsius nonetheless holds round $183 million value 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, value $106.28 million on the time of writing.

On June 10, blockchain analytical agency Kaiko warned that Celsius might have hassle liquidating a few of its altcoins due to liquidity points. The agency highlighted how liquidity for CEL is sort of non-existent and the way the liquidations of different belongings might 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 overall belongings in its portfolio.

Celsius co-founder faces courtroom battle.

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

In the meantime, Celsius co-founder Alex Mashinsky additionally faces fees from U.S. regulators, together with the Securities and Change Fee (SEC), which alleged that he violated federal securities legislation. 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 fees towards him.

The submit Bankrupt Celsius transfers $24M value of altcoins to FalconX, OKX appeared first on CryptoSlate.

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