Celsius Network Sells Off Crypto Holdings Amid Market Recovery
Celsius Network, the bankrupt crypto firm, is selling off its crypto holdings as the market begins to recover. This move comes after Ripple’s recent win against the SEC. Here are the key points:
- Celsius has sold approximately $23.5 million worth of cryptocurrencies.
- The sold assets include $8.5 million of chainlink (LINK), $7.84 million of synthetix (SNX), $3 million of BNB, $2.26 million of 1inch (1INCH), and $1.9 million of ox protocol (ZRX).
- The data provider also revealed that Celsius has deposited $713,000 worth of FTT to FalconX and transferred $235,000 worth of BONE tokens to OKX.
- As of July 6, Celsius held $164.46 million worth of assets, mostly in CEL, its native token.
- The sell-off coincides with the release of former Celsius CEO Alex Mashinsky on a $40 million bail.
In recent times, insolvent crypto companies like Celsius have faced increased scrutiny. Voyager Digital’s lenders, for example, withdrew over $250 million of cryptocurrencies in just 18 days.
Hot Take:
The selling off of crypto holdings by Celsius Network indicates the financial struggles the company is facing. This move also reflects the broader recovery of the crypto market and the impact of Ripple’s win against the SEC. The actions of Celsius and other insolvent crypto firms highlight the ongoing challenges and risks within the industry.
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