Celsius Moves Plans to Convert $74M in Altcoins into BTC and ETH

Data from Arkham Intelligence has shown that a bankruptcy company, Celsius Network, made a settlement with creditors by transferring approximately $74 million worth of altcoins to be exchanged for Bitcoin and Ethereum.

This included Chainlink (LINK), Polygon (MATIC), Synthetix (SNX), Avalanche (AVA), Uniswap (UNI), and also the stablecoins BUSD, USDC, and LUSD.

The company has also relocated some of its ETH and WBTC to different addresses. Funds were despatched to wallets connected to market maker Wintermute, custodian Fireblocks, and the stablecoin issuer Paxos.

The plan for transferring altcoins was pitched in mid-July, and at the end of the same month, the court greenlighted the project, requiring Celsius Network to take whatever measures necessary in order to optimize the value of assets.

Arkham Intelligence approximated the company has around $615 million in various cryptocurrencies, including $296 million in Bitcoin, $120 million in Ethereum, a reserve of $100 million worth of CEL tokens, and an estimated total of $30 million of stablecoins.