Insolvent Celsius Network Converts $25 Million Worth of Altcoins

• Celsius has begun selling its altcoin assets in exchange for BTC and ETH.
• Approx. $25 million worth of altcoins were dumped today.

Post receiving approval from the U.S. court supervising its bankruptcy case, the insolvent cryptocurrency lender Celsius has begun selling its altcoin assets in exchange for Bitcoin (BTC) and Ethereum (ETH).

After a brief halt in withdrawals due to a lack of client cash, Celsius filed for bankruptcy protection in July 2022. Earlier reports said that the corporation had gained permission from the U.S. court to begin converting roughly $170 million worth of altcoin assets into BTC and ETH on July 1. 

$25M Worth of Altcoins Sold

According to blockchain analytics provider Lookonchain, Celsius has started unloading its cryptocurrency holdings. 1.27 million LINK tokens were sold for $8.5 million, 2.83 million SNX tokens were sold for $7.84 million, 12,597 BNB tokens were sold for $3 million, 4.45 million 1INCH tokens were sold for $2.26 million, 8.53 million ZRX tokens were sold for $1.9 million, and 439,000 FTT tokens were sold for $713k. All of these tokens were transferred to FalconX

In addition, Celsius transferred $235,000 worth of BONE tokens (valued at 186,149 tokens) to OKEx. Out of the total altcoins holding, approx. $25 million worth were dumped today. Moreover, the “0x4131” wallet address received the majority of the altcoins. Furthermore, Celsius sent 1,393 StaFi tokens (rETH) to Wintermute Trading, and in exchange, received 1,393 ETH. With the sale of other altcoins, the pressure to sell Celsius’ biggest position, Chainlink, may be greatest.

Also, the arrest of Celsius’s ex-CEO Alex Mashinsky by the DOJ coincides with this new turn of events. Mashinsky is being charged with various counts of fraud, further aggravating the company’s condition. The former CEO has pleaded not guilty to all of the charges.

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• Source: https://thenewscrypto.com/insolvent-celsius-network-converts-25-million-worth-of-altcoins/