Bankrupt Celsius transfers $24M worth of altcoins to FalconX, OKX News ▸ Celsius ▸ Bitcoin · Ethereum ▸ Bankruptcy
Bankrupt Celsius transfers $24M worth of altcoins to FalconX, OKX
Celsius still holds around $183 million worth of altcoins, according to Dune analytics dashboard.
2 min read
Updated: Jul. 17, 2023 at 1:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bankrupt crypto lender Celsius Network sent around $24 million worth of altcoins to OKX and FalconX wallets during the early hours of June 17.
Data from Arkham Intelligence shows that the bulk of the funds were sent to the cryptocurrency brokerage firm, FalconX. The company received $8.46 million worth of Chainlink (LINK), $7.71 million in Synthetix (SNX), and $3.06 million BNB.
Other assets sent to FalconX include $2.1 million worth of 1INCH, $1.87 million in 0x Protocol’s ZRX token, and $718,000 worth of FTX’s native token, FTT.
Meanwhile, the bankrupt lender also transferred roughly $235,000 worth of ShibaSwap’s BONE to the OKX exchange.
The transactions were corroborated by blockchain investigator, Lookonchain, who added that FalconX was depositing the altcoins to Binance.
The transactions appear to be the on-chain evidence that the lender is looking to liquidate the digital assets for Bitcoin (BTC) and Ethereum (ETH) in line with its recent court approval.
Celsius still holds over $180M worth of altcoins.
Following the recent transfers, Dune analytics data shows that Celsius still holds around $183 million worth of altcoins, including its CEL token, Polygon’s MATIC, Avalanche’s AVAX token, stablecoins, and others.
Celsius’s altcoin holding is dominated by its CEL token, worth $106.28 million at the time of writing.
On June 10, blockchain analytical firm Kaiko warned that Celsius could have trouble liquidating some of its altcoins because of liquidity issues. The firm highlighted how liquidity for CEL is almost non-existent and how the liquidations of other assets could exert pressure on the crypto market.
Meanwhile, the chart above shows that Celsius’s BTC and ETH holdings account for over $350 million of the total assets in its portfolio.
Celsius co-founder faces court battle.
Amid Celsius’s efforts to liquidate its assets, the bankrupt firm agreed to a $4.7 billion fine with the Federal Trade Commission (FTC) on July 13.
Meanwhile, Celsius co-founder Alex Mashinsky also faces charges from U.S. regulators, including the Securities and Exchange Commission (SEC), which alleged that he violated federal securities law. Mashinsky is out on a $40 million bail after he was arrested on July 13.
Other regulatory agencies, including the U.S. Department of Justice, CFTC, and FTC, also filed charges against him.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Editor Editor 
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Latest Bitcoin Stories
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
$2,971.66
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
FTX Token
$1.53200
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading.
Celsius
$0.26442
Celsius Network is a P2P decentralized lending & borrowing platform.
Polygon
$0.68803
Polygon, a prominent layer 2 scaling solution on Ethereum, has emerged as a multifaceted and scalable platform, enhancing the Ethereum ecosystem’s capabilities.
Avalanche
$33.1402
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alex Mashinsky, born in 1965 in the Soviet Union to a Jewish family, moved to Israel in the 1970s.
