In 2022, the crypto bank Celsius was one of the first crypto companies to go bankrupt, although the bankruptcy progressed quite slowly. Earlier this month, the company caused a small stir by withdrawing a large amount of Ether (ETH) from the Ethereum stake contract. Now it seems to be selling too.
🚀 Free Crypto: Dutch Broker Makes Crypto Insiders Readers SHIBA Millionaires Today; Get your free 1,000,000 SHIB
Advertising
Anycoin Direct
Celsius sends ETH to exchanges
Earlier this month, Celsius wanted to withdraw more than $461 million worth of ETH from the Ethereum blockchain's staking contract, while it had already withdrawn more than 26,000 ETH. Two months ago, the company also owned 2% of all ETH in the contract. More specifically, more than 581,000 ETH, which was worth more than $1.2 billion at the time.
The withdrawals caused a lot of panic among the rest of Ethereum stakers, meaning Celsius was far from the only one wanting to withdraw his coins. Nevertheless, they accounted for no less than 32% of all withdrawals, while in total more than 15,000 people wanted to withdraw their coins from the contract.
According to blockchain analysis service Arkham Intelligence, it has now also sent ETH to crypto exchanges. Last week, it transferred $95.5 million to Coinbase and nearly $30 million to FalconX. That doesn't mean it's actually been sold, that hasn't been confirmed yet.
It looks like Celsius took advantage of the opportunity to offload more than $125 million in ETH over the ETF week.
In the past week, they deposited $95.5 million to Coinbase and transferred $29.73 million to FalconX.
You still have $1.4 billion (540,000 ETH) left. pic.twitter.com/xgfX6yU5Ye
– Arkham (@ArkhamIntel) January 13, 2024
Celsius is making a fresh start as a Bitcoin miner
The crypto bank revealed that it is not the only asset it owns fluid wanted to produce them, but also wanted to sell them. She hopes to be able to repay her creditors in this way, which she has not yet begun to do. Celsius is fortunate that the Ethereum price is now about 200% higher than it was at its low point in mid-2022. Creditors can now get more money back than before.
The judge also allowed him to restart as a Bitcoin miner. She has now started doing this and can use the profits to further repay her creditors. The judge wants creditors to recover at least $2.03 billion.
Post views: 0