Celsius Prepares to Sell Over $24 Million Worth of Altcoins
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Embattled crypto lender Celsius has started offloading over $24 million of altcoins, including Chainlink (LINK), Synthetix Network (SNX), BNB coin, 1Inch, and 0x Protocol (ZRX), among others.
While Celsius fights various lawsuits, it has started liquidating its assets following court approval.
Celsius Transfers Altcoins to FalconX
According to the on-chain analytics platform Lookonchain, Celsius has started selling altcoins by sending them to the institutional crypto trading platform, FalconX. Lookonchain mentioned the transfer of the following altcoins:
- 1.27 million LINK (approx. $8.50 million)
- 2.83 million SNX (approx. $7.84 million)
- 12,597 BNB (approx. $3 million)
- 4.45 million 1INCH (approx. $2.26 million)
- 8.53 million ZRX (approx. $1.9 million)
- 439,000 FTX tokens (approx. $713,000)
Additionally, Celsius transferred 186,149 Bone ShibaSwap (BONE) tokens worth around $235,000 to the OKX crypto exchange.
Read our detailed guide to Chainlink here.
The development comes after Celsius won permission from the bankruptcy court on June 30 to convert altcoins into Bitcoin (BTC) and Ethereum (ETH). The court allowed the conversion so Celsius could distribute BTC and ETH to its creditors.
Due to the crypto market crash last year, Celsius filed for bankruptcy in July, as it could not honor customers’ withdrawals.
Charges Against Celsius
Recently the US regulators such as the Securities and Exchange Commission (SEC), Department of Justice (DOJ), Commodities Futures Trading Commission (CFTC), Federal Trade Commission (FTC), and the US Government filed lawsuits against the crypto lender for several charges including fraud, and unregistered offers and sells of securities.
Moreover, Celsius founder and former CEO Alex Mashinsky was arrested last Thursday.
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Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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