Celsius moves $59.4 million in altcoins to potentially sell for BTC, ETH

By MK Manoylov • Edited by Nathan Crooks
Business•July 17, 2023, 12:17PM EDT
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Celsius moves $59.4 million in altcoins to potentially sell for BTC, ETH

Quick Take

  • Troubled crypto lender Celsius moved over $59 million worth of LINK, MATIC, SNX AAVE and other altcoins to a FalconX address.
  • The move marks the second time this month that Celsius appears to have prepared a large swathe of altcoins to be transferred into BTC and ETH. 
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Bankrupt crypto lender Celsius moved $59.4 million worth of altcoins in what appears to be preparation to swap them into bitcoin and ether.

A Celsius-controlled wallet deposited a total of $19.2 million in LINK, $13.6 million in MATIC, $7.8 million in SNX, $7.3 million in AAVE, $3 million in BNB, and over $1 million worth of ZRX, 1INCH and XAUT to a FalconX address, according to the crypto data tracker Arkham Intelligence.

This is the second time this month that Celsius moved a large swathe of altcoins. Celsius moved around $74 million worth of SNX, UNI, ZRX and other altcoins on July 5. Representatives for the company didn't immediately respond to a request for comment from The Block. 

Celsius received permission to swap altcoins for BTC and ETH from a U.S. bankruptcy court on June 15. Last week, U.S. regulators sued the firm's former CEO Alex Machinsky for allegedly pumping Celsius's native token with customer funds among other financial crimes.