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Two prominent institutions in their bankruptcy liquidation phase, Celsius and FTX, have been actively engaged in massive crypto asset transfers. Celsius and FTX moved millions worth of Ethereum (ETH), Polygon (MATIC), and Wrapped Bitcoin (WBTC) to exchanges. This comes after both institutions promised to repay their formal clients or creditors via their crypto treasury.
Celsius & FTX’s recent sell-off
In the past 24 hours, gigantic transactions have been recorded via the Celsius and FTX/Alameda wallet addresses, according to Ember CN, an on-chain analysis portal. To expedite the bankruptcy liquidation process, Celsius recently shifted a whopping 34.08 million MATIC. The transaction was worth $26 million and was directed toward Binance, the leading crypto exchange.
Simultaneously, the FTX/Alameda address engaged in ETH and WBTC transfers. The institution moved 207 WBTC worth $8.6 million and 1150 ETH, valued at $2.85 million, to Wintermute. Additionally, FTX initiated the transfer of 135 WBTC, totaling $5.6 million, to Binance. These transactions hint at a major sell-off move by both. Celsius and FTX.
Earlier, in the first week of January, Celsius officially confirmed the beginning of a recall and rebalancing initiative for its crypto assets. However, a specific focus was provided to its Ethereum reserves to repay its creditors. The crypto lending platform has initiated such efforts to maintain sufficient liquidity for potential asset distributions.
Thereafter, Celsius took decisive action by unstaking 206,300 ETH at the time. The value of the withdrawn share amounted to an estimated $467 million, calculated based on the prevailing price of $2264.64 on that particular day.
Also Read: Binance hearing with US SEC Shifted Thanks to Snowstorm
Bankrupt crypto lenders shifted $35 million worth of ETH & WBTC
On January 9, a collective transfer of $35.1 million in WBTC and ETH by FTX and Celsius was recorded. These crypto assets made their way into major centralized exchanges, including Binance and Coinbase, along with FalconX, a distinguished crypto brokerage and trading firm.
According to SpotOnChain analytics, FTX and Alameda initiated a shift of $11.72 million in WBTC and ETH towards Binance and Coinbase. This transaction involved the transfer of 200 WBTC, valued at $9.39 million, to Binance. Whilst, 1000 ETH worth $2.33 million at the time was shifted to Coinbase.
In addition, Celsius executed the unstaking and transfer of 10,000 ETH worth $23.39 million to Coinbase and FalconX. However, despite this movement, Celsius continued to maintain a substantial ETH stake, holding 556,927 ETH, which is worth an impressive $1.28 billion.
Also Read: Coinbase SEC lawsuit takes new twist with early rebuff to regulator
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