Celsius transferred 125 million USD ETH to the exchange in the past week

Many investors fear that Celsius's ETH selling pressure will increase when the company recently announced to unstake nearly 800 million USD of Ethereum.

According to data from Arkham, bankrupt cryptocurrency lending company Celsius last week transferred up to $125 million in Ethereum (ETH) to Coinbase and FalconX, most likely for sale on the market.

Arkham added that Celsius's wallets still hold more than 539,000 ETH (worth about 1.4 billion USD), nearly 9,800 BTC (419.2 million USD) and many other altcoins such as MATIC,...
This is Celsius' second series of Ethereum sale transactions recorded in recent months. As reported by Coin68, the company in December 2023 sold up to 243 million USD of ETH and a number of other altcoins.

By early January 2024, Celsius announced that it would begin stopping Ethereum staking to prepare to liquidate assets and repay customers. Blockchain data shows the company is staking nearly $800 million in Ethereum.
ETH grew strongly last week thanks to investors' expectations that after the Bitcoin spot ETF is approved, Ethereum will be the next asset to be established as an ETF. Currently, many Wall Street giants have applied to the SEC to open an Ethereum spot ETF, with the deadline for the securities commission to make a decision between May and August this year.

CEO Larry Fink of BlackRock, one of the units looking to create an Ethereum spot ETF, also stated that this product will bring useful value to the market.

However, SEC Chairman Gary Gensler stated that the commission's decision to approve a Bitcoin spot ETF applies only to Bitcoin, and hinted at the securities commission's view that there are many cryptocurrencies. still listed as securities.
Cryptocurrency lending company Celsius is causing outrage by filing lawsuits against users who withdrew funds from the platform within 90 days of bankruptcy.

Bankrupt crypto lender Celsius has taken legal action to collect assets withdrawn from the platform in the days leading up to July 2022.

Accordingly, Celsius wants those who have had withdrawal transactions of more than 100,000 USD between April 14, 2022 and July 14, 2022 to return the money to the company. Celsius revealed that it has filed lawsuits against more than 1,500 customers, with an estimate of recovering more than $100 million in assets.

Celsius representatives said customers who withdrew money in advance within the above time frame gained unfair benefits compared to other users. The company previously allowed these customers to reach a settlement agreement regarding the amount of arrears, but in the end it did not come to the desired result, leading to the decision to sue.

However, according to an The sensitivity of the cryptocurrency market to the collapse of LUNA-UST and the subsequent liquidity crisis forced many people to take actions to protect their own interests.

Furthermore, Celsius is also said to calculate the asset value according to the exchange rate on June 14, 2024, instead of the price for the 2022 period, making the amount of arrears higher than the actual amount at the time of bankruptcy.

This action by Celsius is reminiscent of a similar move by FTX in 2023 when it asked customers who withdrew money within 9 days before bankruptcy to return 15% of the money if they did not want to be sued. However, FTX's offer can be considered more "reasonable" than Celsius's.

Celsius is a cryptocurrency lending company that went bankrupt in July 2022, with an asset deficit of up to $1.2 billion. The company in February said it had refunded $2 billion to more than 171,000 customers, with funds taken from ETH staking sales in early 2024.