Celsius & FTX’s Recent Crypto Asset Transfers
Two prominent institutions, Celsius and FTX, have been actively transferring large amounts of crypto assets as part of their bankruptcy liquidation phase. They have moved millions worth of Ethereum (ETH), Polygon (MATIC), and Wrapped Bitcoin (WBTC) to various exchanges in an effort to repay their clients or creditors using their crypto treasury.
Celsius’ Massive MATIC Transfer
In order to expedite the bankruptcy liquidation process, Celsius recently transferred a staggering 34.08 million MATIC, equivalent to $26 million, to Binance. This move signifies a significant sell-off by Celsius.
FTX’s ETH and WBTC Transfers
Simultaneously, the FTX/Alameda address transferred 207 WBTC worth $8.6 million and 1150 ETH valued at $2.85 million to Wintermute. Additionally, FTX initiated the transfer of 135 WBTC totaling $5.6 million to Binance. These transactions indicate a major sell-off move by FTX.
Celsius’ Recall and Rebalancing Initiative
In January, Celsius announced a recall and rebalancing initiative for its crypto assets, with a specific focus on Ethereum reserves to repay its creditors. This was done to ensure sufficient liquidity for potential asset distributions.
Celsius’ Withdrawal of ETH
Celsius unstaked 206,300 ETH, worth approximately $467 million at the time, as part of their recall and rebalancing initiative.
FTX and Celsius’ Transfer to Exchanges
On January 9, FTX and Celsius collectively transferred $35.1 million worth of WBTC and ETH to major centralized exchanges such as Binance and Coinbase, as well as FalconX.
FTX and Alameda’s Transfer to Binance and Coinbase
FTX and Alameda moved $11.72 million in WBTC and ETH to Binance and Coinbase. This involved the transfer of 200 WBTC worth $9.39 million to Binance, and 1000 ETH worth $2.33 million to Coinbase.
Celsius’ Unstaking and Transfer of ETH
Celsius unstaked and transferred 10,000 ETH worth $23.39 million to Coinbase and FalconX. However, Celsius still holds a substantial amount of ETH, with a value of $1.28 billion.
Hot Take: Celsius & FTX’s Crypto Asset Transfers in Bankruptcy Liquidation
Celsius and FTX have been making significant crypto asset transfers as part of their bankruptcy liquidation process. These transfers indicate a major sell-off move by both institutions. Celsius has been focusing on repaying its creditors by recalling and rebalancing its crypto assets, particularly its Ethereum reserves. Meanwhile, FTX has also been actively transferring Ethereum and Wrapped Bitcoin to various exchanges. The large amounts involved in these transactions highlight the scale of the liquidation process. It remains to be seen how these transfers will impact the overall financial situation of Celsius and FTX in their efforts to repay their clients or creditors.
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