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In the early morning of December 1, Celcius transferred 9,600 ETH (about 19.5 million USD) to Coinbase and OKX. 2 days earlier, Celsius also sent 5,000 ETH (about 10.13 million USD) to Binance and OKX through FalconX.
Celsius deposited 9.6K $ETH ($19.5M) to #Coinbase and OKX 4 hours ago. # Celsius also deposited 5K $ETH ($10.13M) to #Binance and # OKX via #FalconX 2 days ago. https://t.co/3EIaXUFSXh https://t.co/eTeGKXCXxb pic.twitter.com/nVNiKHNEJw
— Lookonchain (@lookonchain) November 30, 2023
Currently, it is unclear what Celsius 's purpose of transferring ETH is, but there is a high possibility that Celsius is preparing to Token Sale to get money to repay debt, because it is due to pay 2 billion USD in Bitcoin and Ethereum to creditors who suffered losses from the incident. Bankruptcy is approaching - expected in early 2024.
It is known that Celsius officially filed for bankruptcy in July 2022 due to the severe impact of the Terra"disaster". Since then, Celsius has made continuous efforts to "regenerate". Most recently, the court has just approved Celsius Network to reopen its business operations . However, instead of lending cryptocurrency like before, Celsius transformed itself into a creditor-owned Bitcoin (BTC) mining company.
Although the plan has been approved in bankruptcy court, the U.S. Securities and Exchange Commission (SEC) must also approve it. Otherwise, Celsius may need to liquidate its assets. Judge Glenn asked the SEC to make a decision quickly.
According to Celsius 's alleged balance sheet spread online in April, Celsius 's Altcoin holdings totaled $218 million and included CEL, Matic, ADA, LINK, LTC, DOT, BCH, AAVE, UNI, XLM, SOL, EOS, FIT, SRM, and BNB. In which CEL is the native Token of Celsius and the rest are mostly Matic and ADA.
VIC Crypto compiled
Related news:
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Celsius sues StakeHound for not returning $150 million worth of Token
