Celsius moved about $74 million in altcoins into Bitcoin and Ethereum.
Celsius wallet holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in ethereum.
On June 30, a New York court agreed that the bankrupt platform could begin converting its altcoins into bitcoin and ether from July 1.
According to TheBlock, Celsius transferred approximately $74 million in altcoins, including Synthetix, Uniswap, ZRX, and several stablecoins, after being approved to convert altcoins into Bitcoin and Ethereum. One of the transfers went to a wallet linked to the market maker Wintermute.
According to data from the crypto data platform Arkham, the Celsius wallet holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in ethereum. They also have around $100 million worth of CELs and approximately $30 million worth of stablecoins, with the remaining altcoins worth around $69 million.
In addition, Arkhams report also states that network address Celsius (0x1C…9074) has staked 40.96 thousand ETH, worth about $75 million, for ETH2 staking contract through Figment from date May 10 to 12.
As previously reported, on June 30, a New York court approved Celsius to convert its altcoins into bitcoin and ether from July 1.
Celsius is preparing a plan to refund users “stuck” on the platform. Accordingly, the company will sell all altcoin balances on customer accounts in exchange for BTC & ETH. According to the balance sheet for April, the total altcoin sell pressure amounts to $279M:
$CEL: $100M
$MATIC: $58M
$ADA: $29M
$LINK: $20M
$LTC: $19M
Except for CEL, which is the native token of Celsius, most are MATIC and ADA. These are all highly liquid coins, with such a selling force that can not be expected to affect the price of these tokens much. This gives users of the platform some peace of mind about the future repayment plan.