A wallet associated with the defunct crypto lending platform Celsius deposited $30.34 million worth of Ethereum (ETH) to Coinbase on Monday, according to the crypto tracker Lookonchain.

Lookonchain also notes that Celsius deposited $5.13 million worth of ETH to the crypto exchange FalconX.

Celsius’ two staking wallets still hold a total of 557,081 Ethereum worth around $1.3 billion.

Celsius filed for bankruptcy in July 2022 after its native token, CEL, plummeted by 99% and it was unable to fulfill withdrawals.

In July, the project’s founder, Alex Machinsky, was arrested and charged with multiple counts of fraud in the US. Mashinksy is also being sued by the U.S. Securities and Exchange Commission (SEC) for similar reasons. The regulatory agency alleges Mashinksy raised billions of dollars by lying to customers and offering unregistered securities.

Late last year, a judge approved a new plan from Celsius that aims to generate funds for a new mining and staking corporate spinoff designed to repay creditors.

The company, dubbed “NewCo,” will have a $1.25 billion balance sheet, $450 million of which will be liquid crypto.

In a statement earlier this month, Celsius said it has begun the unstaking process for its Ethereum holdings, which it has been using to generate income for its estate over the last year and a half.

“In preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity

Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process. 

The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors. 

As a reminder, eligible creditors will receive in-kind distributions of BTC and ETH as outlined in the approved Plan.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ex_artist

The post Celsius Wallet Deposits Nearly $36,000,000 Worth of Ethereum (ETH) Into Crypto Exchanges: On-Chain Data appeared first on The Daily Hodl.

A wallet associated with the defunct crypto lending platform Celsius deposited $30.34 million worth of Ethereum (ETH) to Coinbase on Monday, according to the crypto tracker Lookonchain.

Lookonchain also notes that Celsius deposited $5.13 million worth of ETH to the crypto exchange FalconX.

Celsius’ two staking wallets still hold a total of 557,081 Ethereum worth around $1.3 billion.

Celsius filed for bankruptcy in July 2022 after its native token, CEL, plummeted by 99% and it was unable to fulfill withdrawals.

In July, the project’s founder, Alex Machinsky, was arrested and charged with multiple counts of fraud in the US. Mashinksy is also being sued by the U.S. Securities and Exchange Commission (SEC) for similar reasons. The regulatory agency alleges Mashinksy raised billions of dollars by lying to customers and offering unregistered securities.

Late last year, a judge approved a new plan from Celsius that aims to generate funds for a new mining and staking corporate spinoff designed to repay creditors.

The company, dubbed “NewCo,” will have a $1.25 billion balance sheet, $450 million of which will be liquid crypto.

In a statement earlier this month, Celsius said it has begun the unstaking process for its Ethereum holdings, which it has been using to generate income for its estate over the last year and a half.

“In preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity

Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process. 

The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors. 

As a reminder, eligible creditors will receive in-kind distributions of BTC and ETH as outlined in the approved Plan.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ex_artist

The post Celsius Wallet Deposits Nearly $36,000,000 Worth of Ethereum (ETH) Into Crypto Exchanges: On-Chain Data appeared first on The Daily Hodl.