Celsius Moves $59.4 Million Worth of Altcoins in Preparation for Swap
Crypto lender Celsius has transferred $59.4 million worth of altcoins to a FalconX address, possibly in preparation to swap them into bitcoin and ether. This comes after a previous transfer of $74 million worth of altcoins earlier in July. Celsius received permission from a U.S. bankruptcy court to swap altcoins for BTC and ETH in June. However, the company’s former CEO, Alex Machinsky, is facing legal action from U.S. regulators for allegedly using customer funds to manipulate Celsius’s native token and committing other financial crimes.
Key Points:
- Celsius moved $59.4 million worth of altcoins to a FalconX address.
- The transfer may indicate preparation for swapping the altcoins into bitcoin and ether.
- This is the second large transfer of altcoins by Celsius this month.
- Celsius obtained permission from a U.S. bankruptcy court to swap altcoins for BTC and ETH.
- The company’s former CEO, Alex Machinsky, is facing legal action for alleged financial crimes.
Hot Take:
Celsius’s recent movement of altcoins suggests a strategic plan to convert them into more widely accepted cryptocurrencies, potentially indicating a shift in the company’s investment strategy. With legal troubles surrounding its former CEO, Celsius is likely taking steps to protect its assets and reassure investors. This ongoing situation highlights the importance of regulatory compliance and transparency in the crypto industry.
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