Celsius transfers altcoins to new wallets in preparation for Bitcoin and Ethereum conversion


July 6, 2023


Olumide Adesina

Listen to this article

Bankrupt crypto financier Celsius Network transferred about $70 million worth of altcoins on July 5 after a court recently granted permission to sell altcoins in exchange for Bitcoin and Ethereum

Data from Arkham Intelligence shows that the lender has sold millions of altcoins and stablecoins to wallets associated with crypto market maker Wintermute, crypto custodian Fireblocks, and stablecoin issuer Paxos. It was shown to have been transferred to various wallets.

The altcoins moved include Chainlink, Polygon, Synthetix, Avalanche, etc., and the stablecoins involved in the transaction included Binance USD (BUSD), USD Coin (USDC), etc. The company also holds some ETH and WBTC tokens among related tokens transferred by the wallet.

On June 30, Judge Martin Green approved Celsius' plan to sell all altcoins for its two largest digital assets. At the time, a judge ordered the company to use reasonable efforts to maximize the value of these altcoins.

The Company “regularly engages in dialogue with the Securities and Exchange Commission (“SEC”) and certain state regulators regarding proposed distributions of cryptocurrency under the Plan, and states that all federal and state regulatory authorities to which such distributions apply. We ensure full compliance with regulations. "is a state law and regulation," the file states.

Celsior, which went bankrupt in July 2022 and was approved for sale to the cryptocurrency consortium Fahrenheit in May, will not distribute cryptocurrencies to creditors other than Bitcoin and Ethereum, with a few exceptions. He said he was preparing an updated bankruptcy plan that would