An Early Ethereum Whale Resurfaces, Deposits $87.5 Million to Kraken
An Ethereum whale that had been inactive for five years recently made a comeback by depositing 39,260 ETH worth $87.5 million to the crypto exchange Kraken. The investor had received 47,260 ETH worth $11.34 million in 2017 and sold 8,000 ETH the following year. However, there had been no movement of funds since then.
If the whale decides to sell its holdings on Kraken, it stands to make a profit of approximately $78 million. The current price of ETH is $2,295, and the cryptocurrency has experienced a nearly 3% increase in the past 24 hours.
Failed Crypto Lending Platform Celsius Transfers ETH Worth $16.7 Million
In addition to the Ethereum whale’s activity, an address associated with the defunct crypto lending platform Celsius transferred 7,500 ETH worth $16.7 million to the institutional crypto trading platform FalconX. Over the past three weeks, Celsius has sent a total of 37,260 ETH worth $83 million to FalconX, Coinbase, and OKX.
Celsius filed for bankruptcy in July 2022 after its token suffered a massive drop in value and it was unable to fulfill withdrawal requests from users.
Bankruptcy Plan Approved for Celsius Generates Funds for New Mining and Staking Spinoff
A US judge recently approved a bankruptcy plan for Celsius that will generate funds for a new mining and staking corporate spinoff called “NewCo.” This spinoff aims to repay creditors and will have a balance sheet of $1.25 billion, with $450 million in liquid crypto assets.
Hot Take: Ethereum Whale Returns With a Bang, While Celsius Struggles to Recover
An early Ethereum whale has made a strong comeback after five years of dormancy by depositing a massive $87.5 million to Kraken. This move indicates renewed interest and confidence in the cryptocurrency market. Meanwhile, the failed crypto lending platform Celsius continues to grapple with its bankruptcy proceedings and attempts to repay its creditors through a new mining and staking spinoff. These contrasting stories highlight the volatility and challenges faced by participants in the crypto industry, with some experiencing significant gains while others struggle to recover from setbacks.
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