In a surprising turn of events, Celsius and FTX, two key players in the bankruptcy liquidation process, have initiated significant cryptocurrency asset transfers amounting to $43 million. The move is part of their commitment to reimburse former clients or debtors, utilizing their cryptocurrency treasury for the purpose.

Massive Transactions Unveiled:

Recent on-chain analysis by Ember CN reveals massive transactions conducted within the last 24 hours using Celsius and FTX/Alameda wallet addresses. Celsius executed a substantial transfer of 34.08 million MATIC, valued at $26 million, directed towards Binance, the largest cryptocurrency exchange.
Simultaneously, the FTX/Alameda address engaged in transfers involving Ethereum (ETH) and Wrapped Bitcoin (WBTC). Notably, 207 WBTC ($8.6 million) and 1150 ETH ($2.85 million) were sent to Wintermute. FTX also initiated a separate transfer of 135 WBTC to Binance, totaling $5.6 million. These transactions point towards a significant sell-off strategy adopted by both Celsius and FTX.

Earlier Initiatives:

Celsius had previously announced a recall and rebalancing operation for its cryptocurrency holdings in the first week of January. A special focus was placed on Ethereum reserves to ensure liquidity for forthcoming asset distributions. Celsius took decisive action by unstaking 206,300 ETH, estimated at $467 million based on the prevailing price.
On January 9, FTX and Celsius completed a $35.1 million aggregate transfer of WBTC and ETH. These assets found their way onto major exchanges such as Binance, Coinbase, and FalconX, a reputable crypto brokerage.

SpotOnChain Analytics Insight:

According to SpotOnChain analytics, FTX and Alameda orchestrated a transfer of $11.72 million in WBTC and ETH to Binance and Coinbase. This involved 200 WBTC (worth $9.39 million) to Binance and 1000 ETH (worth $2.33 million) to Coinbase.
Celsius complemented this with the unstaking and transfer of 10,000 ETH, valued at $23.39 million, to Coinbase and FalconX. Despite this move, Celsius maintains a substantial ETH investment, holding 556,927 ETH, an impressive portfolio worth $1.28 billion.
As Celsius and FTX strategically navigate the challenges posed by bankruptcy, these recent developments shed light on their commitment to managing and distributing crypto assets in a transparent and accountable manner. The market will undoubtedly be watching closely as these influential organizations continue to make noteworthy moves in the cryptocurrency space.



Ftx
Celsius Network
Cryptocurrency
Exchange
Cryptocurrency News





Follow

Written by Zameer Attar

1K Followers
Unveiling the Mysteries of Crypto | Analyst Extraordinaire 📊💎Stay tuned for market updates, educational content, and thought-provoking discussions🚀💡

More from Zameer Attar

Zameer Attar
in
Coinmonks
Meme Coins with 200x Potential: Top Picks for 2024
Cryptocurrency enthusiasts and investors continue to explore the vast and unpredictable world of meme coins, drawn by the allure of high…
3 min read
·
Dec 16, 2023

26




Zameer Attar
How Far Can Shiba Inu (SHIB) Soar in January 2024? Experts prediction & Price Analysis
In 2023, Shiba Inu (SHIB) and other meme coins like Dogecoin (DOGE) experienced a relatively subdued period. SHIB saw a modest 28% price…
4 min read
·
Jan 4

7




Zameer Attar
XAI Game Coin: A Blockchain Gaming Powerhouse Driven by Elon Musk’s xAI
In a game-changing milestone, Xai Testnet has recently soared past 5 million transactions and amassed a thriving community of over 200,000…
3 min read
·
4 days ago

3




Zameer Attar
in
Coinmonks
What Is UTXO In Blockchain?
Blockchain is a protected database shared across a network of participants, where up-to-date information is available to all participants…
4 min read
·
Jul 26, 2023

55

See all from Zameer Attar

Recommended from Medium

Jayden Levitt
in
Level Up Coding
You’re Too Focused on Bitcoin When Looking Further Out on the Risk Curve Is Where You’ll Gain the…
Everything changed once I stopped treating my investments like a sports team.

·
6 min read
·
5 days ago

397

4



Crypto SolMaster
100x Altcoins Crypto Millionaires Are Buying RIGHT NOW
Hidden Gems and Massive Gains: A Friend’s Insights on Altcoin Hunting
5 min read
·
6 days ago

74

1

Lists

Modern Marketing54 stories
·
379
 
saves
Generative AI Recommended Reading52 stories
·
634
 
saves
Costa Martinez
The Crypto Market About To Explode
Hey guys, welcome back. So it’s official, the Bitcoin ETFs have finally gone live, which has been months in the making. And my goodness did…

·
7 min read
·
Jan 13

265

4



Smid
Discover Crypto Altcoins with 100x Potential Now
Discover Crypto Altcoins with 100x Potential Now
10 min read
·
Jan 12

59




LandX
in
LandX Blog
2024: Tokenization Outlook
Signs the bull market is returning are all around us. CryptoTwitter (Crypto…X?) is abuzz with renewed vigor, the Bitcoin spot ETF is…
4 min read
·
3 days ago





Crypto With Lorenzo
in
Crypto Insights AU
11 Small- to Mid-Cap Cryptos to Buy in 2024
Many are searching for 100, 200, or even elusive 1000x gems, banking on a few killer partnerships, listing on major exchanges or mass…

·
19 min read
·
4 days ago

135

2

See more recommendations