Celsius Network Converts Altcoins to Bitcoin and Ether
Lolacoin readers, Celsius Network, a bankrupt crypto lender, has received approval to convert its altcoins to bitcoin and ether. Here are the key points:
- Around $74 million worth of altcoins, including Synthetix, Uniswap, and ZRX, were moved to different wallets.
- Some stablecoins, such as USDC and USDT, were also included in the transfer.
- Tokens were sent to a wallet associated with market making firm Wintermute.
- A New York court granted Celsius permission to start converting altcoins on July 1, but it is unclear if all tokens will be sold and what proportion of each coin will be bought.
- Celsius Network’s wallets currently hold approximately $615 million worth of crypto, with $296 million in bitcoin, $120 million in ether, $100 million (paper value) of the CEL token, and $30 million in stablecoins.
Hot Take: The approval to convert altcoins to bitcoin and ether shows Celsius Network’s efforts to manage its bankruptcy situation and potentially recover some value for its investors. The movement of altcoins to different wallets, including those associated with market making firms, adds an interesting twist to the situation. It remains to be seen how Celsius will handle the conversion process and what impact it will have on the altcoin market.
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