Bankrupt Celsius transfers $24M worth of altcoins to FalconX, OKX

Bankrupt crypto lender Celsius Network sent astir $24 cardinal worthy of altcoins to OKX and FalconX wallets during the aboriginal hours of June 17.

Data from Arkham Intelligence shows that the bulk of the funds were sent to the cryptocurrency brokerage firm, FalconX. The institution received $8.46 cardinal worthy of Chainlink (LINK), $7.71 cardinal successful Synthetix (SNX), and $3.06 cardinal BNB.

Other assets sent to FalconX see $2.1 cardinal worthy of 1INCH, $1.87 cardinal successful 0x Protocol’s ZRX token, and  $718,000 worthy of FTX’s autochthonal token, FTT.

Source: Arkham Intelligence

Meanwhile, the bankrupt lender besides transferred astir $235,000 worthy of ShibaSwap’s BONE to the OKX exchange.

The transactions were corroborated by blockchain investigator, Lookonchain, who added that FalconX was depositing the altcoins to Binance.

The transactions look to beryllium the on-chain grounds that the lender is looking to liquidate the integer assets for Bitcoin (BTC) and Ethereum (ETH) successful enactment with its caller tribunal approval.

Celsius inactive holds implicit $180M worthy of altcoins.

Following the caller transfers, Dune analytics data shows that Celsius inactive holds astir $183 cardinal worthy of altcoins, including its CEL token, Polygon’s MATIC, Avalanche’s AVAX token, stablecoins, and others.

Source: Dune Analytics

Celsius’s altcoin holding is dominated by its CEL token, worthy $106.28 cardinal astatine the clip of writing.

On June 10, blockchain analytical steadfast Kaiko warned that Celsius could person occupation liquidating immoderate of its altcoins due to the fact that of liquidity issues. The steadfast highlighted however liquidity for CEL is astir non-existent and however the liquidations of different assets could exert unit connected the crypto market.

Meanwhile, the illustration supra shows that Celsius’s BTC and ETH holdings relationship for implicit $350  cardinal of the full assets successful its portfolio.

Celsius co-founder faces tribunal battle.

Amid Celsius’s efforts to liquidate its assets, the bankrupt steadfast agreed to a $4.7 cardinal good with the Federal Trade Commission (FTC) connected July 13.

Meanwhile, Celsius co-founder Alex Mashinsky besides faces charges from U.S. regulators, including the Securities and Exchange Commission (SEC), which alleged that helium violated national securities law. Mashinsky is retired connected a $40 cardinal bail aft helium was arrested connected July 13.

Other regulatory agencies, including the U.S. Department of Justice, CFTC, and FTC, besides filed charges against him.

The station Bankrupt Celsius transfers $24M worthy of altcoins to FalconX, OKX appeared archetypal connected CryptoSlate.