MEXCCelsius Liquidates Altcoin Holdings: $25 Million Worth of LINK, BNB, BONE, and More Sold
Celsius, the bankrupt crypto lender, has commenced the sale of its altcoin assets, converting them into Bitcoin (BTC) and Ethereum (ETH) as approved by a U.S. judge overseeing the bankruptcy case. These assets were transferred to FalconX, which then facilitated the transfer to Binance. Additionally, Celsius deposited 186,149 BONE tokens worth $235,000 into OKEx.
Celsius Sells Its Altcoin Assets
Celsius has begun selling its altcoin assets, according to blockchain analytics firm Lookonchain. The company has sold 1.27 million LINK tokens worth $8.5 million, 2.83 million SNX tokens valued at $7.84 million, 12,597 BNB tokens worth $3 million, 4.45 million 1INCH tokens amounting to $2.26 million, 8.53 million ZRX tokens worth $1.9 million, and 439,000 FTT tokens valued at $713,000.
And 186,149 $BONE ($235K) was deposited into OKEx. FalconX started depositing altcoins to Binance for sale.
On July 6, Lookonchain highlighted that Celsius appeared to be initiating the swapping of altcoins for Bitcoin (BTC) and Ethereum (ETH). Most of the altcoins were transferred to the wallet address “0x4131”. Additionally, Celsius transferred 1,393 StaFi tokens (rETH) to Wintermute Trading and received an equivalent amount of 1,393 ETH in return.
Celsius held approximately $164.5 million worth of altcoins on the Ethereum Virtual Machine (EVM) chain, out of which it has sold nearly $25 million worth of coins today.
Also Read: Celsius Files $2 Billion Claim Against FTX
Will Altcoins Face A Selling Pressure?
Celsius’ largest altcoin holding, Chainlink, could potentially see the most selling pressure with others sold. At the press time, LINK is trading at $6.68, a downfall of over 2%.
Celsius filed for bankruptcy protection in July 2022 after experiencing a shortfall in customer funds, leading to temporary withdrawal suspensions. CoinGape reported that the company received authorization from the U.S. judge to liquidate its altcoin holdings, valued at approximately $170 million, into BTC and ETH starting from July 1.
However, this development comes amidst the recent arrest of Celsius’s former CEO, Alex Mashinsky, by the Department of Justice (DOJ). Bloomberg reported that Mashinsky faces multiple charges, including securities fraud, commodities fraud, and wire fraud, further complicating the company’s situation.
- Trump Insider Whale Reloads $430M Long on BTC, ETH Ahead of Tomorrow’s Fed Rate Cut Decision
- Breaking: $2.6B Western Union Announces Plans for Solana-Powered Stablecoin by 2026
- Trump Media Launches Polymarket Rival, Eyes $9B Prediction Market with Crypto.com
- Bitget Lists Common Token, Launchpool Offers 36M COMMON in Rewards
- Coinbase Prime Taps Figment to Boost Institutional Staking on Solana, Cardano, and Sui
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
- HBAR Price Poised to Hit $0.30 as Canary Capital ETF Starts Trading.
- Will Solana Price Rally to $300 as Bitwise Launches $BSOL ETF?
- XRP Price Chart Patterns Hint at 2017-Style Breakout as Evernorth Acquires $1B XRP Ahead of Nasdaq Debut
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
