Celsius Network, a failed crypto lending platform, has moved more than $125 million worth of Ethereum (ETH), according to recently released data from the Arkham Intelligence platform.
The survey noted that Ethereum’s move happened during “ETF week,” when the U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin-based exchange-traded funds (ETFs) last week. ETH took advantage of the positive wave in the market and recorded surprising highs.
The platform also highlighted that, during ETF Week, Celsius deposited US$95.5 million on the cryptocurrency exchange Coinbase, in addition to sending US$29.73 million to FalconX.
“It appears Celsius took the opportunity to offload >$125 million ETH during ETF Week. Last week, they deposited $95.5 million into Coinbase and sent $29.73 million to FalconX. They still have $1.4 billion (540,000 ETH) left.”
Looks like Celsius took the opportunity to unload >$125M of ETH over ETF Week.
In the past week, they’ve deposited $95.5M to Coinbase and sent $29.73M to FalconX.
They still have $1.4 billion (540K ETH) remaining.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye
— Arkham (@ArkhamIntel) January 13, 2024
At the time of publication, the price of Ethereum was quoted at US$2,533.05, down 0.2% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$13,192,505,937. The price of Ethereum showed a growth of 13.4%.
Creditor Celsius starts moving assets before paying creditors
Celsius, a failed crypto lending platform, began moving its crypto assets on January 5, including the cryptocurrency Ethereum (ETH), ahead of payments that will be made to the company’s creditors. According to a statement, Celsius will divest its existing Ethereum holdings.
“In preparation for any asset distribution, Celsius has initiated the asset recall and rebalancing process to ensure ample liquidity. Celsius will divest existing ETH holdings, which have provided valuable staking rewards revenue to the property, to offset certain costs incurred throughout the restructuring process,” Celsius wrote.
This measure comes after the company declared bankruptcy in July 2022. In November 2023, the company, which has faced turbulent times in the cryptocurrency market, received court approval for a bankruptcy plan that signals the return of approximately US$2 billion in assets .
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Source: https://portalcripto.com.br/celsius-move-mais-de-us-125-milhoes-em-ethereum-antes-de-pagar-dividas/
