Major Crypto Moves: Celsius Shifts $125M ETH as FTX and Alameda Adjust Holdings
Embattled crypto lender Celsius has transferred over $125 million worth of Ether to various cryptocurrency exchanges as part of its plan to initiate repayments to its creditors.
According to data sourced from Arkham Intelligence, $95.5 million of Ethereum was shifted to Coinbase, while $29.7 million found its way to FalconX between January 8 and January 12.
Despite these sizable transfers, Celsius still maintains a substantial stash of over 550,000 ETH on its balance sheet, equating to an eye-popping $1.36 billion at the time of this report.
Looks like Celsius took the opportunity to unload >$125M of ETH over ETF Week.
In the past week, they’ve deposited $95.5M to Coinbase and sent $29.73M to FalconX.
They still have $1.4 billion (540K ETH) remaining.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye
— Arkham (@ArkhamIntel) January 13, 2024
The move to reduce its Ether holdings follows the company’s decision to unstake a whopping 206,300 ETH valued at $407 million.
At the time, the lender clarified that these newly-liberated Ether assets would be used to cover expenses incurred during its ongoing restructuring process and to prepare for creditor repayments.
Celsius has previously committed to distributing Bitcoin and Ethereum to its creditors as part of its recovery plan.
However, it has yet to specify a concrete date for when creditors can anticipate receiving these funds.
For more than 18 months, Celsius’s creditors have been patiently awaiting the release of their funds, which have been tied up in the platform since the firm’s initial declaration of bankruptcy in July 2022.
Celsius is not the sole distressed cryptocurrency firm making significant moves involving its digital asset holdings.
On January 14, the bankrupt crypto
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