Celsius Network liquidators received approval to sell altcoins for bitcoin and ether at the end of last month. Now the tokens are on the move.
So far, around $74 million of altcoins including Synthetix, Uniswap and ZRX were moved from one wallet to another. This included some stablecoins isuch as USDC and USDT. In one case, tokens were sent on to a wallet associated with market making firm Wintermute.that Celsius could start converting its altcoins into bitcoin and ether from July 1. It's unclear if it will be selling all of its tokens and what proportion of each coin it will be buying.
According to crypto data platform Arkham, the Celsius wallets contain around $615 million of crypto, including $296 million of bitcoin and $120 million of ether. They also have $100 million of Celsius' own token CEL and around $30 million of stablecoins. This leaves around $69 million across the remaining altcoins.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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