Celsius Network, Takes Action on Altcoin Assets: Sells 25 Million Dollars in LINK, BNB, BONE, and Other Cryptocurrencies

Celsius Network, the crypto lender facing bankruptcy, has commenced the sale of its altcoin assets under the approval of a U.S. judge overseeing the bankruptcy case.

Celsius Network, Takes Action on Altcoin Assets: Sells 25 Million Dollars in LINK, BNB, BONE, and Other Cryptocurrencies

These assets are being converted into Bitcoin (BTC) and Ethereum (ETH). The transfer of these assets was facilitated through FalconX, and Binance is involved in the process. Additionally, Celsius made a deposit of 186,149 BONE tokens valued at $235,000 into OKEx.

“And 186,149 $BONE ($235K) was deposited into OKEx. FalconX started depositing altcoins to Binance for sale.“

According to blockchain analytics firm Lookonchain, Celsius has already started selling its altcoin holdings. Notably, they sold 1.27 million LINK tokens, totaling $8.5 million, 2.83 million SNX tokens worth $7.84 million, 12,597 BNB tokens valued at $3 million, 4.45 million 1INCH tokens amounting to $2.26 million, 8.53 million ZRX tokens worth $1.9 million, and 439,000 FTT tokens valued at $713,000.

On July 6, Lookonchain observed Celsius initiating the swapping of altcoins for Bitcoin and Ethereum. Most of the altcoins were transferred to the wallet address “0x4131”. Moreover, Celsius exchanged 1,393 StaFi tokens (rETH) with Wintermute Trading and received an equivalent amount of 1,393 ETH in return.

Before the liquidation, Celsius held approximately $164.5 million worth of altcoins on the Ethereum Virtual Machine (EVM) chain. With today’s sales, nearly $25 million worth of coins have been sold so far. The liquidation process marks a significant step in Celsius’s bankruptcy proceedings, as they seek to convert their altcoin assets into more liquid forms of cryptocurrency.

About Celsius Network

The cryptocurrency CEL within the Celsius Network enables users to borrow, make payments, and obtain additional loyalty benefits. However, CEL is primarily utilized as a reward mechanism for users accessing the Celsius Network and as collateral currency for obtaining loans.