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

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

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

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

Celsius Altcoins
Supply: Arkham Intelligence

In the meantime, the bankrupt lender moved roughly $235,000 price of BONE from Shibaswap to the OKX trade.

The transaction was confirmed by blockchain investigator LookOnChain, who stated that FalconX was Deposit Altcoins to Binance.

The transaction seems to be on-chain proof that the lender is trying to liquidate digital belongings for bitcoin (BTC) and ethereum (ETH), in step with its latest court docket approval.

Celsius nonetheless holds over $180 million price of altcoins.

Following the latest transfers, Dune Analytics information exhibits Celsius nonetheless holds roughly $183 million price of altcoins, together with its CEL token, Polygon’s MATIC, Avalanche’s AVAX token, stablecoins and others.

Celsius Crypto Holdings
Supply: Dune Analytics

Celsius’ altcoin holdings are dominated by its CEL token, which is price $106.28 million on the time of writing.

On June 10, blockchain analytical agency Kaiko warned that Celsius might have bother liquidating a few of its altcoins as a result of liquidity points. The agency highlighted how liquidity for CEL is sort of non-existent and the way liquidation of different belongings may put stress on the crypto market.

In the meantime, the above chart exhibits that Celsius’s BTC and ETH holdings account for over $350 million of the whole belongings in its portfolio.

Celsius co-founder faces court docket battle.

Amidst Celsius’ efforts to liquidate its belongings, the bankrupt firm agreed to a $4.7 billion advantageous with the Federal Commerce Fee (FTC) on July 13.

In the meantime, Celsius co-founder Alex Mashinsky additionally faces fees from US regulators, together with the Securities and Alternate Fee (SEC), alleging he violated federal securities legal guidelines. Mashinsky is out on $40 million bail after being arrested on July 13.

Different regulatory businesses together with the US Division of Justice, the CFTC and the FTC additionally filed fees towards him.

The put up FalconX after bankrupt Celsius moved $24M price of altcoins to OKX appeared first on CryptoSlate.

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