Celsius moves altcoins to new wallets in preparation for Bitcoin and Ethereum conversion

Bankrupt crypto lender Celsius Network moved around $70 million worth of altcoins on July 5 following the recent court approval to sell them for Bitcoin (BTC) and Ethereum (ETH).

Data from Arkham Intelligence showed that the lender had moved millions of altcoins and stablecoins to different wallets, including those related to crypto market maker Wintermute, crypto custodial firm Fireblocks, and stablecoin issuer Paxos.

The altcoins transferred included Chainlink, Polygon, Synthetix, Avalanche and others, while the stablecoins involved in the transaction include Binance USD (BUSD), USD Coin (USDC) etc. The firm also moved some ETH and WBTC tokens between related wallets.

On June 30, Judge Martin Gleen approved Celsius’s plan to sell all its altcoins for the top two digital assets. At the time, the judge ordered the firm to use reasonable efforts to maximize the value of these altcoins.

Meanwhile, Arkham Intelligence dashboard shows that Celsius holds crypto assets worth $614.28 million in its wallets. Its BTC and ETH holdings account for over $400 million of its assets, and it has around $100 million worth of its CEL native token.

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