FTX and Celsius Transfer $43 Million ETH, WBTC, MATIC During Bankruptcy Liquidation
Celsius and FTX, two leading institutions in the bankruptcy liquidation phase, are actively engaged in large transfers of crypto assets. Celsius and FTX moved millions worth of Ethereum (ETH), Polygon (MATIC) and wrapped bitcoin (WBTC) to the exchanges. This comes after both institutions promised to repay their official clients or creditors through their crypto treasuries.
Recent sales of Celsius and FTX
According to on-chain analytics portal Ember CN, huge transactions were recorded via Celsius and FTX/Alameda wallet addresses in the last 24 hours. To speed up the bankruptcy liquidation process, Celsius recently shifted 34.08 million MATIC. The transaction was valued at $26 million and was directed to leading crypto exchange Binance.
Simultaneously, the FTX/Alameda address participated in ETH and WBTC transfers. The institution moved 207 WBTC worth $8.6 million and 1150 ETH worth $2.85 million to Wintermute. Additionally, FTX initiated 135 WBTC transfers to binance totaling $5.6 million. These transactions indicate a major selling move for both. Celsius and FTX.
Previously, in the first week of January, Celsius officially confirmed the start of a recall and rebalancing initiative for crypto assets. However, there was a special focus on Ethereum reserves to repay its creditors. The crypto lending platform has initiated such efforts to maintain sufficient liquidity for potential asset distributions.
Celsius then took decisive action, reclaiming 206,300 ETH at the time. The value of the withdrawn stock was an estimated $467 million, based on the then-current price of $2264.64.
Also Read: Binance’s Hearing With US SEC Goes Away Thanks to Snowstorm
Bankrupt cryptocurrency providers shifted $35 million worth of ETH and WBTC
On January 9, mass transfers of $35.1 million in WBTC and ETH were recorded by FTX and Celsius. These crypto assets have entered major centralized exchanges, including Binance and Coinbase, as well as FalconX, a prominent crypto brokerage and trading company.
FTX and Alameda initiated a $11.72 million migration of WBTC and ETH to Binance and Coinbase, according to SpotOnChain analysis. This transaction involved the transfer of 200 WBTC worth $9.39 million to Binance. At that time, 1000 ETH worth $2.33 million were transferred to Coinbase.
In addition, Celsius transferred 10,000 ETH worth $23.39 million to Coinbase and FalconX. However, despite this move, Celsius continued to maintain a significant ETH stake, holding 556,927 ETH worth $1.28 billion.
Also Read: Coinbase SEC case takes a new turn with early pushback to regulator
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