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Celsius, a struggling cryptocurrency lending firm, transferred $125 million worth of its Ether to cryptocurrency exchanges last week amid plans to begin repaying creditors.
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According to data from Arkham Intelligence, between January 8 and 12, Celsius transferred $95.5 million to Coinbase and $29.7 million to FalconX.
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.
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.
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.
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.
FTX and Alameda Transfer Funds to Exchanges (Celsius)
Celsius was not the only beleaguered firm to move cryptocurrency assets to exchanges recently.
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.
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).
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.
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.