Celsius, a struggling cryptocurrency lending firm, transferred $125 million worth of its Ether to cryptocurrency exchanges last week amid plans to begin repaying creditors.<\/p>\n
\nYou might like: Fidelity: \u201cStablecoins and DeFi are a boon\u201d!<\/strong><\/em><\/span><\/a><\/p>\n<\/blockquote>\n
According to data from Arkham Intelligence, between January 8 and 12, Celsius transferred $95.5 million to Coinbase and $29.7 million to FalconX.<\/p>\n
However, Celsius still holds more than 550,000 ETH on its books; this number was worth a staggering $1.36 billion at the time of publication.<\/p>\n
On January 5, Celsius moved to redeem 206,300 ETH worth $407 million at the time; the lender claimed that the newly released Ether would be used to pay for costs incurred during the restructuring process and to prepare for repayments to creditors.<\/p>\n
Celsius has announced that it will distribute Bitcoin and ETH to creditors in its rescue plan, but a specific date on when creditors will begin receiving funds has not yet been announced.<\/p>\n
Celsius creditors have been waiting for more than 18 months to receive funds that remained on the platform since the company first filed for bankruptcy in July 2022.<\/p>\n
FTX and Alameda Transfer Funds to Exchanges (Celsius)<\/span><\/h2>\n
Celsius was not the only beleaguered firm to move cryptocurrency assets to exchanges recently.<\/p>\n
According to data from blockchain analytics platform SpotOnChain, bankrupt cryptocurrency exchange FTX and its defunct trading arm Alameda Research made their own move by transferring $28 million worth of crypto to exchanges on January 14.<\/p>\n
The transfers to the Coinbase and Binance exchanges included $18.7 million worth of Wrapped Bitcoin, $8 million worth of Ether, and $1 million worth of Pendle (PENDLE).<\/p>\n
After FTX and Alameda Research filed for bankruptcy in November of last year, FTX has been working to raise funds for creditor repayments. FTX executives have successfully recovered approximately $7 billion in assets, including a significant amount of cryptocurrency worth $3.4 billion.<\/p>\n
The market has warmed to FTX creditors’ demands; some of them have risen as high as $0.50 per dollar in October of last year, suggesting that creditors have a chance to become whole. While it is unclear when FTX will make repayments to its customers, current plans call for repayments to begin this year.<\/p>\n
\n\n\n\n\n\n\n\nAlso, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube\u00a0<\/strong><\/a>and\u00a0Twitter<\/strong><\/a> channels for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Celsius, a struggling cryptocurrency lending firm, transferred $125 million worth of its Ether to cryptocurrency exchanges last week amid plans to begin repaying creditors. You might like: Fidelity: \u201cStablecoins and DeFi are a boon\u201d! According to data from Arkham Intelligence, between January 8 and 12, Celsius transferred $95.5 million to Coinbase and $29.7 million to<\/p>\n","protected":false},"author":1,"featured_media":9819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2061,1857,22,3438,151,106,3635,496,2467,3634,3633],"class_list":["post-9818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-alameda","tag-alameda-research","tag-binance","tag-celsius","tag-coinbase","tag-eth","tag-falconx","tag-ftx","tag-pendle","tag-spotonchain","tag-wrapped-bitcoin"],"yoast_head":"\n
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