A wallet linked to defunct cryptocurrency lending platform Celsius deposited $30.34 million worth of Ethereum (ETH) to Coinbase on Monday, according to cryptocurrency tracker Locounchain.
LeConchine too Notes Celsius has deposited $5.13 million worth of ETH on cryptocurrency exchange FalconX.
Celsius' two staking wallets still contain a total of 557,081 Ethereum worth approximately $1.3 billion.
Celsius filed for bankruptcy in July 2022 after its native token, CEL, fell by 99% and was unable to complete withdrawals.
In July, the project's founder, Alex Mashinsky, was arrested and charged with multiple fraud charges in the United States. Machinksi is also being sued by the US Securities and Exchange Commission (SEC) on similar grounds. The regulatory agency alleges that Mashinksy raised billions of dollars by lying to clients and offering unregistered securities.
Late last year, a judge approved a new plan from Celsius aimed at generating money for a new mining operation and corporate stakes designed to repay creditors.
The company, called NewCo, will have a balance sheet of $1.25 billion, of which $450 million will be liquid cryptocurrencies.
In a statement earlier this month, Celsius said it had begun the liquidation process of its Ethereum holdings, which it had been using to generate income for its holdings for the past year and a half.
“In preparation for any asset distributions, Celsius has initiated the process of calling in and rebalancing assets to ensure sufficient liquidity.
Celsius will demonetize existing ETH holdings, which have provided valuable staking reward income for the property, to offset some of the costs incurred throughout the restructuring process.
High unstable activity in the next few days will open up ETH to ensure timely distribution to creditors.
As a reminder, eligible creditors will receive in-kind distributions of BTC and ETH as set forth in the approved plan.
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