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Celsius Executes Large ETH Transfers to Exchanges Amidst Financial Challenges
Celsius, a cryptocurrency lender facing financial challenges, has initiated substantial transfers of over $1 billion worth of Ethereum (ETH) to exchanges, including Coinbase, Paxos, and FalconX. Notably, 459,561 ETH, equivalent to over $1 billion, was sent to platforms like Coinbase Prime, Paxos, and FalconX.
This trend aligns with Celsis’ recent pattern of fund movements, as revealed by Spot on Chain, a crypto analysis firm. According to their findings, Celsus has shifted a total of 740,321 ETH, totaling around $1.69 billion, to exchanges since November 2023.
Celsius’ Remaining ETH Holdings and Speculations Surrounding OTC Deals
Despite significant transfers, Celsus still retains 62,468 ETH, valued at approximately $139 million. The nature of the transactions hints at a potential over-the-counter (OTC) deal, a notion supported by the observation that 12 new wallets withdrew 296,835 ETH ($660 million) from Coinbase shortly after Celsus deposited ETH to the centralized exchange.
$ETH IMPORTANT NOTICE🚨
— WEB3 Market Insight 🇦🇺 (@iftikharpost) January 27, 2024
Ethereum faces a looming sell-off as bankrupt crypto lender Celsius moves 459,561 ETH, valued at about $1 billion, to various exchanges.
Here is the breakdown:
Celsius transferred out 459,561 ETH, worth approximately $1.014 billion.
– Of this, 297,454…
While the exact purpose of these transfers remains unclear, speculation suggests a connection to creditor repayments. Celsi has plans to commence creditor repayments in mid-February, and Coinbase is speculated to serve as the distribution platform for these repayments in 89 countries, excluding the U.S. Creditors claim to have received communication through unspecified social media channels, signaling preparations for the impending repayments.
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