Celsius Transfers $24M Altcoin Treasure To FalconX, OKX

Key Points:

• Bankrupt Celsius Network liquidates $24M worth of altcoins to FalconX and OKX wallets.
• Celsius still holds over $180M worth of altcoins, including $106.28M worth of CEL tokens.
• Celsius co-founder faces charges from SEC and other regulatory agencies.

Bankrupt crypto lender Celsius Network recently sent around $24 million worth of altcoins to OKX and FalconX wallets during the early hours of June 17, according to data from Arkham Intelligence.

The bulk of the funds were sent to the cryptocurrency brokerage firm, FalconX. The company received $8.46 million worth of Chainlink (LINK), $7.71 million in Synthetix (SNX), and $3.06 million in BNB. In addition, other assets sent to FalconX include $2.1 million worth of 1INCH, $1.87 million in 0x Protocol’s ZRX token, and $718,000 worth of FTX’s native token, FTT.

The bankrupt lender also transferred roughly $235,000 worth of ShibaSwap’s BONE to the OKX exchange. These transactions were corroborated by blockchain investigator Lookonchain, who added that FalconX was depositing the altcoins to Binance. These transactions appear to be the on-chain evidence that the lender is looking to liquidate the digital assets for Bitcoin (BTC) and Ethereum (ETH) in line with its recent court approval.

Celsius still holds around $183 million worth of altcoins according to Dune analytics data, including its CEL token, Polygon’s MATIC, Avalanche’s AVAX token, stablecoins, and others. Celsius’s altcoin holding is dominated by its CEL token, worth $106.28 million at the time of writing.

Blockchain analytical firm Kaiko warned on June 10 that Celsius could have trouble liquidating some of its altcoins because of liquidity issues. The firm highlighted how liquidity for CEL is almost non-existent and how the liquidations of other assets could exert pressure on the crypto market.

It is interesting to observe that Celsius’s BTC and ETH holdings account for over $350 million of the total assets in its portfolio.

Amidst Celsius’s efforts to liquidate its assets, the bankrupt firm agreed to a $4.7 billion fine with the Federal Trade Commission (FTC) on July 13. Meanwhile, Celsius co-founder Alex Mashinsky also faces charges from U.S. regulators, including the Securities and Exchange Commission (SEC), which alleged that he violated federal securities law. Mashinsky is out on a $40 million bail after he was arrested on July 13. Other regulatory agencies, including the U.S. Department of Justice, CFTC, and FTC, also filed charges against him.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.