Celsius moves altcoins to new wallets in preparation for Bitcoin and Ethereum conversion News ▸ US ▸ Celsius ▸ Bitcoin ▸ Bankruptcy
Celsius moves altcoins to new wallets in preparation for Bitcoin and Ethereum conversion
The bankrupt firm moved some of its altcoin and stablecoin holdings to crypto firms like Wintermute, Paxos and Fireblocks.
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Updated: Jul. 5, 2023 at 9:05 pm UTC
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Bankrupt crypto lender Celsius Network moved around $70 million worth of altcoins on July 5 following the recent court approval to sell them for Bitcoin (BTC) and Ethereum (ETH).
Data from Arkham Intelligence showed that the lender had moved millions of altcoins and stablecoins to different wallets, including those related to crypto market maker Wintermute, crypto custodial firm Fireblocks, and stablecoin issuer Paxos.
The altcoins transferred included Chainlink, Polygon, Synthetix, Avalanche and others, while the stablecoins involved in the transaction include Binance USD (BUSD), USD Coin (USDC) etc. The firm also moved some ETH and WBTC tokens between related wallets.
On June 30, Judge Martin Gleen approved Celsius’s plan to sell all its altcoins for the top two digital assets. At the time, the judge ordered the firm to use reasonable efforts to maximize the value of these altcoins.
Meanwhile, Arkham Intelligence dashboard shows that Celsius holds crypto assets worth $614.28 million in its wallets. Its BTC and ETH holdings account for over $400 million of its assets, and it has around $100 million worth of its CEL native token.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,474.10
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Celsius
$0.19131
Celsius Network is a P2P decentralized lending & borrowing platform.
Synthetix
$2.19476
Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets.
Binance USD
$1.00138
BUSD is a stablecoin issued by Paxos in partnership with Binance..
USD Coin
$0.99994
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Fireblocks
Fireblocks is an all-in-one platform for building your digital asset business.
Wintermute
Wintermute is a global algorithmic market maker in digital assets globally, in CeFi, DeFi, and OTC.
Paxos
Paxos Trust Company, LLC is a regulated blockchain infrastructure company building transparent and transformative financial solutions.
