Celsius Network Deposits $59.4 Million in Cryptocurrencies to FalconX
Bankrupt crypto lender Celsius Network has deposited $59.4 million of cryptocurrencies to institutional crypto exchange FalconX. This move comes after a U.S. bankruptcy court granted Celsius permission to sell its altcoin holdings for bitcoin and ether. The deposit could impact token prices due to reduced liquidity.
Key Points:
- Celsius sent $13.6 million in MATIC, $10.7 million in LINK, and $7.3 million in AAVE to FalconX’s deposit address.
- In a separate transaction, Celsius transferred $8.5 million in LINK, $7.8 million in SNX, and $3 million in BNB.
- The company also sent ZRX, 1INCH, and XAUT tokens.
- The bankruptcy court ruling allows Celsius to convert $170 million worth of smaller tokens to bitcoin and ether.
- Celsius CEO Alex Mashinsky is currently facing fraud charges.
Hot Take:
Celsius Network’s deposit of $59.4 million in cryptocurrencies to FalconX suggests that the company is preparing to sell its altcoin holdings for bitcoin and ether. This move could have a significant impact on token prices due to reduced liquidity. The bankruptcy court ruling allowing Celsius to convert smaller tokens to bitcoin and ether further supports this assumption. However, the ongoing legal issues surrounding Celsius CEO Alex Mashinsky add another layer of complexity to the situation.
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