Crypto lending firm Celsius is moving altcoins to new wallets in preparation for the Bitcoin and Ethereum transformation. In this context, Celsius has moved some of its altcoin and stablecoin assets to crypto firms such as Wintermute, Paxos and Fireblocks. The bankrupt company is expected to sell or convert these tokens.
Celsius moved tokens of 11 altcoin projects!
The bankrupt crypto lender Celsius Network moved around $70 million worth of altcoins on July 5, following the final court approval to sell it for Bitcoin (BTC) and Ethereum (ETH). Data from Arkham Intelligence showed that the lender has moved millions of altcoins and stablecoins to different wallets, including those related to crypto market maker Wintermute, crypto custodian Fireblocks and stablecoin issuer Paxos.
Transferred altcoins include Chainlink (LINK), Polygon (MATIC), Synthetix (SNX), Avalanche (AVAX), and others. Also, stablecoins involved in the transaction include Binance USD (BUSD), USD Coin (USDC), etc. is located. The firm also moved some ETH and WBTC tokens between respective wallets.
On June 30, Judge Martin Gleen approved Celsius’ plan to sell all of its altcoins for the first two cryptos. In addition, the judge ordered the firm to make reasonable efforts to maximize the value of these altcoins. Meanwhile, Arkham Intelligence data shows Celsius has $614.28 million worth of crypto assets in its wallets. BTC and ETH assets account for more than $400 million in assets. In addition, Celsius has around $100 million worth of native CEL tokens.
Celsius gets court approval
cryptocoin.com As we reported, the court has ruled that Bitcoin or Ethereum is the only cryptocurrency that can be used to pay creditors’ claims. Celsius Network has been authorized by the bankruptcy court to sell all its altcoins for Bitcoin (BTC) and Ethereum (ETH), effective July 1, as stated in a June 30 court filing.
The bankrupt crypto firm has announced that it is in talks with the Securities and Exchange Commission (SEC) over recent regulatory actions that classify various digital assets as securities, including MATIC, SOL, ADA, and more. Following these deliberations, Judge Martin Gleen approved Celsius to “make commercially reasonable efforts to maximize the value of altcoins to be sold or converted to BTC or ETH.”
The court ordered Celsius to submit a monthly “Budget and Coin Report” showing the number of altcoins converted to BTC and ETH. He also added that Celsius is only able to distribute cryptocurrencies to creditors in the first two cryptocurrencies. Data from Arkham Intelligence shows Celsius holds a substantial $187.04 million worth of “altcoins”, including assets like BNB, Celsius, MATIC, FTT, AVAX, and more. Meanwhile, the lender also owns $409.03 million worth of BTC and ETH.
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