Distressed cryptocurrency lender Celsius has moved over $125M in ether (ETH) to exchanges. The transactions, which divide funds between Coinbase and FalconX, try to reimburse creditors.
According to Arkham Intelligence, Celsius has around 550,000 ETH, valued at around $1.36B. Celsius pledged 206,300 ETH in early January to fund its restructuring and start creditor payouts. The company stated that it would transfer Bitcoin (BTC) and Ethereum (ETH) to creditors, although no precise dates were established.
Celsius' actions mirror those of FTX and Alameda Research. Both filed for bankruptcy and transferred $28M in crypto to exchanges to repay creditors. Spot On Chain recorded these transactions. They moved $18.7M of Wrapped Bitcoin, $8M of Ether, and $1M of Pendle.
FTX reclaimed approximately $7B in assets. A significant portion remains in crypto, and creditors appear confident that their claims will be met, with some valuing the repayments at $0.50 on the dollar. FTX and Celsius plan to reimburse customers by 2024.
