Celsius Network, a bankrupt crypto lender, has successfully liquidated approximately $25 million worth of various altcoins after receiving court approval to convert them to BTC and ETH. The move comes as the network aims to distribute these digital assets to its creditors.
The altcoins that were liquidated include Chainlink (LINK), BNB coin, Synthetix Network (SNX), 1Inch, 0x Protocol (ZRX), and Shiba Inu’s BONE, among others. The US court granted Celsius Network the authority to convert $170 million worth of altcoins into BTC and ETH.
Recently, Celsius Network transferred at least $70 million worth of altcoins from its “Fireblocks Custody” wallet to the “Celsius Network: OTC” wallet in multiple transactions.
The on-chain analytics platform Lookonchain reported that Celsius moved significant amounts of various altcoins to FalconX, including 1.27 million LINK, 2.83 million SNX, 12,597 BNB, 4.45 million 1INCH, 8.53 million ZRX, and 439,000 FTX tokens. Additionally, 186,149 BONE tokens were transferred to the OKX crypto exchange.
Celsius Network, which previously held approximately $164.5 million worth of altcoins on the Ethereum Virtual Machine (EVM) chain, has sold nearly $25 million worth of tokens following the liquidation.
It was previously reported that Celsius had transferred around $160 million worth of wrapped Bitcoin to third-party wallets before filing for bankruptcy. These wallets are allegedly controlled by Wintermute.
In a new agreement, Celsius Network’s new owner, crypto consortium Fahrenheit, is expected to receive liquid cryptocurrencies worth between $450 million and $500 million.
Former Celsius CEO, Alex Mashinsky, is facing seven criminal charges, including securities fraud, wire fraud, and commodities fraud.
Mashinsky has pleaded not guilty to all charges, and his bail has been set at $40 million. The SEC, CFTC, and FTC have filed lawsuits against Celsius Network and Mashinsky, accusing them of securities fraud and other misconduct.
