Celsius Moves Massive $1B in Ethereum to CEXs: Are Payments Coming?
Defunct crypto lending platform Celsius has moved a large amount of Ether (ETH) to a centralized exchange.
On January 26th, there were many Ether transactions from Celsius Network wallets to deposit wallets for Paxos and Coinbase Prime.
The highest transaction was $984 million for 443,961 ETH in preparation for moving from Celsius to another network-controlled wallet.
443,961 #ETH ($982,202,866 USD) transferred from #Celsius to unknown wallet https://t.co/39EY8uFFqa
— Whale Alert (@whale_alert) January 25, 2024
According to blockchain intelligence firm Arkham, 13 transactions were tracked over the next hour, transferring this huge amount of ETH to Coinbase and Paxos wallets.
Spotonchain reports that “most of the 297,454 ETH sent to Coinbase was distributed to 12 hot wallets, possibly as part of an OTC deal”.
Two days ago Celsius moved 575,081 ETH on January 24th Celsius Network: Staked ETH and Celsius Network: Eth2 Depositor in internal trading.
In total, Celsius disclosed that 757,626 ETH had been transferred to FalconX, Coinbase, OKX and Paxos since November 13, 2023.
The exact reasons for the recent Ether transactions were not immediately clear. However, according to Celsius Asset Distribution's FAQ updated on January 12, certain corporate accounts can accept cryptocurrency through Coinbase.
For non-corporate accounts, disbursements for US-based lenders are made by PayPal, and disbursements for non-US lenders are made through Coinbase, he said.
At X (formerly Twitter), the Celsius Lenders Community, named “Celsius NewCo Community”, announced that the distribution of liquid crypto to lenders will begin in mid-February, and the distribution window will be open for one year.
Celsius is trying to make January 31st a productive day.
️ We expect the distribution of liquid crypto to find lenders to begin in mid-February.
⏳ The distribution window will be open for one year. pic.twitter.com/TznON0ddBV
— Celsius NewCo Community (@CelsiusNewCo) January 25, 2024
Meanwhile, Celsius user “TheHawk” reported that they were able to officially remove all ETH from Celsius, the funds are in the custody account, not the Earn account.
Between January 8 and 12, Celsius transferred another $95.5 million to Coinbase, $29.7 million was transferred to FalconX, according to Arkham Intelligence data.
Related: Celsius Transfers $125M ETH to Exchanges Like FTX and Alameda Dump
Earlier this month, the bankruptcy lender said it had begun shifting its assets to “ensure adequate size” in preparation for any distribution of assets.
Celsius said it will liquidate its current Ether holdings “to offset certain costs incurred during the restructuring process” and to “open up ETH to ensure timely distribution to creditors.” According to Nansen, he no longer has any pending ETH.
On Jan. 9, Celsius' bankruptcy trustees proposed notifying creditors that account holders who spent more than $100,000 in the 90 days before the company's bankruptcy filing may be required to repay by Jan. 13, 2022. 31, 2024.
ETH prices have yet to respond, remaining flat on the day at $2,225 at the time of writing.
Magazine: Tiffany Fong Burns Celsius, FTX and NY Post: Hall of Flame.
