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Bankrupt crypto lending platform Celsius transferred 459,561 Ethereum (ETH), valued at over $1 billion, to centralized exchanges including Coinbase, Paxos, and FalconX in the last 24 hours, per chain. data.
In detail, more than 300,000 ETH, the equivalent of $673 million, was sent to Coinbase Prime. The company also transferred 146,507 ETH, worth approximately $323.3 million, to Paxos, and an additional 7,800 ETH, worth $17.2 million, was transferred to FalconX.
This latest transfer follows a series of similar fund movements made by Celsius in recent days. January 24, blockchain investigator Lookonchain reported that the company deposited 18,000 ETH, worth $40 million, on Coinbase.
Meanwhile, crypto analytics platform Spot on Chain provided a more in-depth analysis of transfers. According to the company, Celsius has deposited 740,321 ETH, worth an estimated $1.69 billion, on centralized exchanges, including FalconX, Coinbase, OKX, and Paxos, since November 2023.
However, despite these transactions, the company still holds a significant amount of ETH. His address holds 62,468 ETH, or approximately $139 million at the time of publication.
Why does Celsius make these transfers?
Spot On Chain's analysis suggests the possibility of an over-the-counter (OTC) transaction, as approximately 97.2% of the total funds deposited on Coinbase were withdrawn to 12 newly created wallets.
“We noticed that 12 new wallets withdrew $296,835 ETH (660 million) from Coinbase shortly after Celsius deposited $ETH to CEX, representing approximately 97.2% of the total amount deposited. This is likely to be an over-the-counter agreement,” the company said.
Meanwhile, the motive for this transfer remains unknown. But this coincides with the anticipation by creditors of a possible launch of repayment in February.
On January 25, the Celsius Newco community suggested that the company had an effective date of January 31 and that it was expected to distribute liquid cryptocurrencies to winning creditors starting in mid-February.
A Celsius distribution FAQs suggests that Coinbase is the platform of choice for creditor repayments in specific countries. Eighty-nine countries (excluding the United States) are eligible for Coinbase distribution.
The Celsius community of creditors band on social media platform
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