Celsius has Sold a Large Amount of Assets in the Past Month

Celsius has sold a large amount of assets in the past month

According to statistics from the “An Ape’s Prologue” account on Twitter, the cryptocurrency wallets of Celsius, a company that provides crypto lending services, declared bankruptcy in mid-2022 and sold a large amount of assets in The last 30 days, while the crypto market has recovered significantly.

According to data from Arkham Intelligence, in the most recent month, Celsius wallets transferred nearly 250 million USD in assets abroad, mainly Ethereum with 243 million USD, the rest includes stablecoins and some tokens such as PAXG, LINK , MATIC and AVAX.

Despite its bankruptcy, Celsius’s wallets still hold more than $3.4 billion in assets, mainly BTC and ETH, according to information from “An Ape’s Prologue”.

We have found that Celsius has sold $243M worth of $ETH over the past 30 days.

This selling activity happened despite their initial plan to redistribute those assets in kind, meaning they should not be liquidated for cash.

They still have $3.94B in digital assets remaining,… pic.twitter.com/9qRAiTfe1j

— An Ape’s Prologue (@apes_prologue) December 19, 2023

Celsius was previously a popular cryptocurrency lending company in the US. However, during the “liquidity crisis” in mid-2022, they were unable to meet customer withdrawal requests, leading to bankruptcy. Celsius founder and CEO Alex Mashinsky was subsequently sued by the US government and is currently awaiting trial.

https://celsius.network/

Following the bankruptcy process, the court approved Celsius’s user compensation plan, in which the company will liquidate its remaining crypto assets and compensate customers in cash.

Celsius spent much of 2023 recovering assets, including withdrawing staking of more than 780 million USD ETH after the Shanghai upgrade in April 2023. Celsius then converted over 200 million USD of altcoins to BTC and ETH in July.

Related: Celsius creditors vote in favor of reorganization plan

Another crypto company facing bankruptcy is FTX exchange. As of December 16, they have also liquidated a total of 600 million USD in cryptocurrency in the last 3 months of 2023.