Ethereum ($ETH) Worth $35 Million Transferred from Celsius Network to Exchanges


The bankrupt cryptocurrency loan company Celsius Network seems to have sent nearly $30 million (13,000 ETH) to the Nasdaq-listed Coinbase and $5.13 million (2,200 ETH) to FalconX.

Two staking wallets linked to the loan site now own 557,081 ETH, which is equivalent to almost $1.3 billion, and may potentially be sold, according to Lookonchain, an on-chain analysis tool.

The fact that Celsius mostly shifted its altcoin holdings into the two most valuable cryptocurrencies—Bitcoin and Ethereum—was previously disclosed by Lookonchain. Additionally, it seems that the company transferred a substantial quantity of tokens to Ethereum wallet addresses beginning with “0x4131.”

The loan company went bankrupt in July 2022 when its native token, CEL, lost almost all of its value due to investors’ withdrawals and the firm’s inability to pay them.

The previous CEO, Alex Mashinsky, began facing many federal accusations last year. These allegations originated from various U.S. authorities, including the DOJ, SEC, CFTC, and FTC.

Mashinsky and others, including Celsius’s Chief Revenue Officer Roni Cohen-Pavon, are accused by federal authorities of participating in “a scheme to inflate the price of Celsius’s proprietary token, CEL.”

A court authorized Celius’s scheme in late 2023, and the new business, “NewCo,” would pay off its creditors by mining and staking bitcoins.

With its initial capitalization of $1.25 billion, $450 million will be held in liquid cryptocurrency assets by NewCo. As of mid-2022, Celsius’s Ethereum has been generating money for its estate; nevertheless, the company has since declared that it is unstaking its Ethereum.

Also Read: North Korean Crypto Attacks Increase A Record Number Of Hacks, But A Declining Total Loot In 2023

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