Celsuis Network Deposits $30 Million in Ether on Coinbase
Celsuis Network, a bankrupt cryptocurrency lending platform, has deposited 13,000 Ether worth over $30 million on Nasdaq-listed cryptocurrency trading platform Coinbase as well as added 2,200 ETH worth $5.13 million on FalconX.
Lookonchain Analysts Explore the Situation
An on-chain analysis service, Lookonchain, revealed that two staking wallets associated with the lending platform still hold 557,081 ETH worth approximately $1.3 billion, which may potentially be sold on the market.
Celsius’s Asset Conversions
Celsius largely converted its altcoin assets into Bitcoin and Ethereum, the two leading cryptocurrencies by market capitalization. The firm also seemingly moved a significant amount of tokens to an Ethereum wallets address starting with “0x4131.”
Celsius’s Ongoing Bankruptcy and Legal Issues
Celsius obtained approval for a plan to establish a new company, “NewCo,” focusing on mining and staking cryptocurrencies to repay its creditors. This follows the firm’s 2022 bankruptcy filing and the founder’s, Alex Mashinsky, facing numerous federal charges.
Hot Take: Celsius Faces Legal Troubles and Comes Up with Solution
Celsius Network faces challenges as it navigates bankruptcy and legal issues, including fraud charges against its founder. Despite these challenges, the firm has approved a plan to establish a new company and take steps to potentially pay back its creditors.
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