Celsius Transfers $1 Billion In Ether to Coinbase
Celsius transfers over $1 billion in Ethereum to exchanges, possibly for creditor repayments, as it still holds $139 million in ETH.
Celsius, a bankrupt crypto lender, moved 459,561 Ethereum (ETH), over $1 billion, to exchanges like Coinbase, Paxos, and FalconX. They sent 300,000 ETH to Coinbase Prime and more to Paxos and FalconX.
These transfers are a part of Celsius' recent trend of moving funds. Spot on Chain, a crypto analysis firm, found that Celsius has moved 740,321 ETH, around $1.69 billion, to exchanges since November 2023.
Despite these big moves, Celsius still has 62,468 ETH, about $139 million. The transaction is reported to probably be an over-the-counter (OTC) deal as experts also noticed that 12 fresh wallets have withdrawn 296,835 $ETH (660M) from Coinbase shortly after Celsius deposited $ETH to the CEX.
The purpose of these transfers is unclear, but it may relate to creditor repayments since Celsius plans to start repaying creditors in mid-February. However, Coinbase might be used as the distribution platform for these repayments in 89 countries, excluding the U.S. Creditors who claimed that they were informed via X social media to prepare for the repayments.
