Celsius transferred $64 million in some altcoins, including LINK, following court clearance for the sale. These transfers also raised the possibility of Celsius selling the tokens.
The bankrupt Celsius carried his altcoins, including LINK!
cryptocoin.comAs you’ve followed on , the court has given the bankruptcy crypto lender permission to sell or convert. Accordingly, Celsius received permission to convert its approximately $170 million stash of altcoins into BTC and ETH. Celsius Network’s altcoin holdings took action following a US bankruptcy court’s decision to allow the bankrupt crypto lender to sell the tokens for Bitcoin and Ethereum starting this month.
Blockchain data from Arkham Intelligence shows that the firm transferred at least $64 million in cryptocurrency to a wallet labeled “Celsius Network: OTC” in multiple transactions Thursday afternoon. The largest transactions were $19.3 million in Chainlink’s LINK token and $14.7 million in Polygon’s MATIC. In addition, Celsius carried $7.5 million in AAVE and $6.1 million in SNX. Other notable tokens transferred include Uniswap’s UNI, Binance’s BNB, and 1INCH.
Ksignificant pressure on the markets of small tokens possible
The transactions come after the company received approval from the US judge overseeing the bankruptcy case to liquidate its altcoin stash for BTC and ETH from July 1. During the market crash, Celsius stopped withdrawals due to lack of client funds. It then filed for bankruptcy protection in July 2022. Meanwhile, the court arrested Alex Mashinsky, the company’s former CEO, on seven counts on Thursday. These include securities fraud, commodity fraud, and wire fraud.
The court’s final decision means Celsius can potentially sell $170 million in smaller cryptocurrencies based on the court’s decision. Crypto analytics firm Kaiko said in a report earlier this week that the conversion could put significant pressure on the smaller tokens’ markets. “The market impact could be significant, especially given that liquidity for these tokens has plummeted over the past year,” Kaiko said.
Accusations against Celsius founder Mashinsky
The brains behind bankrupt crypto lender Celsius are facing a number of serious charges. The US Department of Justice today arrested Alex Mashinsky, the former CEO of Celsius Network. In this context, he filed seven criminal complaints against him.
Michael A. Brodack, special agent for the Criminal Division of the New York Field Office, held a press conference Thursday. He said Mashinsky, 57, manipulated the price of Celsius’s native digital asset, CEL. He also claimed to have made more than $40 million by pocketing the returns. “If something seems too good to be true, it probably is,” Brodack said.
Celsius’ former revenue manager claimed that 36-year-old Roni Cohen-Pavon received about $3.6 million. Feds accused Mashinksky of securities fraud in Thursday’s indictment; commodity fraud; two wire scams; Conspiracy to manipulate the price of the Celsius native token CEL; Fraudulent scheme to manipulate the price of CEL; and accused CEL of market manipulation. Cohen-Pavon was charged with four counts, including conspiracy to commit securities fraud, market manipulation and telegram fraud.
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