Celsius Begins Selling Altcoin Assets to Convert to Bitcoin and Ethereum

• Celsius has started selling its altcoin assets and converting them to Bitcoin and Ethereum, as approved by a judge overseeing its bankruptcy case in the US.
• On July 6th, Celsius began swapping its altcoins for Bitcoin (BTC) and Ethereum (ETH). Most of the altcoins were transferred to the wallet address “0x4131.”
• Celsius had approximately $164.5 million worth of altcoin assets on the Ethereum Virtual Machine (EVM) chain.

Bankrupt crypto lending firm Celsius is acquiring Bitcoin and Ethereum by selling its altcoin assets, following approval from the US.

Celsius Sells Altcoin Assets

Celsius, the bankrupt crypto lending provider, has started selling its altcoin assets and converting them to Bitcoin (BTC) and Ethereum (ETH), as approved by a judge overseeing its bankruptcy case in the US. These assets were later transferred to FalconX, which facilitated the transfer, and then to Binance. Additionally, Celsius deposited 186,149 BONE tokens worth $235,000 into OKX.

In relation to this, a blockchain analytics firm reported that Celsius has started selling its altcoin assets. The company sold 1.27 million LINK tokens worth $8.5 million, 2.83 million SNX tokens worth $7.84 million, 12,597 BNB tokens worth $3 million, 4.45 million 1INCH tokens worth $2.26 million, 8.53 million ZRX tokens worth $1.9 million, and 439,000 FTT tokens worth $713,000.

According to information obtained by COINOTAG, Celsius began swapping its altcoins for Bitcoin (BTC) and Ethereum (ETH) on July 6th. Most of the altcoins were transferred to the wallet address “0x4131.” Additionally, Celsius transferred 1,393 StaFi tokens (rETH) to Wintermute Trading and received an equivalent amount of 1,393 ETH in return.

Celsius held approximately $164.5 million worth of altcoins on the Ethereum Virtual Machine (EVM) chain and has sold around $25 million worth of coins as of today.

Could Altcoins Face Selling Pressure?

Chainlink, which had the highest amount of altcoin assets held by Celsius, could face selling pressure. Currently, LINK is trading at $6.68, experiencing a drop of over 2%.

Celsius filed for bankruptcy protection in July 2022 due to a shortage of customer funds and temporary withdrawal suspensions. COINOTAG reported that the company obtained permission from a US judge to convert approximately $170 million worth of altcoin assets to BTC and ETH as of July 1st.

However, this development coincides with the arrest of Celsius’s former CEO, Alex Mashinsky, by the Department of Justice. Mashinsky faces multiple charges, including securities fraud and commodities fraud, further complicating the company’s situation.