Celsius moved about $74 million in altcoins to convert to Bitcoin and Ethereum

The bankrupt Celsius Network, undergoing proceedings, moved altcoins totaling around $74 million to convert them into Bitcoin and Ethereum as part of creditor settlements. Data from Arkham Intelligence show Arkham Intelligence.

Among the moved coins: Chainlink (LINK), Polygon (MATIC), Synthetix (SNX), Avalanche (AVA), Uniswap (UNI), as well as ‘stablecoins’ BUSD, USDC and LUSD. The firm also moved part of ETH and WBTC between its addresses.

The bulk was sent to wallets tied to market maker Wintermute, custodian Fireblocks, and the issuer of ‘stablecoins’ Paxos.

Celsius proposed a plan to convert the altcoins in mid-June. By the end of the same month, the court approved the initiative, directing the company to maximise the value of its assets.

According to Arkham, the firm holds around $615 million in cryptocurrency, including $296 million in Bitcoin and $120 million in Ethereum. Holdings of the native CEL token are valued at $100 million, and total stablecoin holdings amount to about $30 million.

In parallel with the altcoin movements, Bloomberg reported that the US Commodity Futures Trading Commission (CFTC) is preparing to file suit against Celsius. The agency’s lawyers concluded that the company and its CEO Alex Mashinsky misled investors and engaged in financial activity without a license.

In June 2022, Celsius paused withdrawals, exchanges and transfers between accounts due to ‘extreme market conditions’.

In July, after filing for bankruptcy, Celsius reported a ‘hole’ in its balance sheet amounting to $1.2 billion. In August it became known that the company’s liabilities exceeded its assets by $2.85 billion.

Earlier in May 2023, the company transferred $74.3 million in Ethereum to the staking service Figment.

Subsequently Celsius moved $776 million in stETH ahead of the launch of the Lido Finance v2 liquid staking platform.