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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.
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