Celsius moves $70 million of altcoins following ruling it can swap to bitcoin and ether

Quick Take

  • Altcoins belonging to bankrupt crypto lender Celsius Network have started moving.
  • This comes days after a New York court said it could sell its altcoins for bitcoin and ether.

Altcoins belonging to bankrupt crypto lender Celsius Network are on the move, just days after liquidators received approval to convert altcoins to bitcoin and ether.

So far, around $74 million of altcoins including Synthetix, Uniswap and ZRX were moved from one wallet to another. This included some stablecoins isuch as USDC and USDT. In one case, tokens were sent on to a wallet associated with market making firm Wintermute.

On June 30, a New York court agreed that Celsius could start converting its altcoins into bitcoin and ether from July 1. It's unclear if it will be selling all of its tokens and what proportion of each coin it will be buying.

According to crypto data platform Arkham, the Celsius wallets contain around $615 million of crypto, including $296 million of bitcoin and $120 million of ether. They also have $100 million (in paper value) of Celsius' own token CEL and around $30 million of stablecoins. This leaves around $69 million across the remaining altcoins.

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