Celsius moves $59M MATIC, LINK, other altcoins to exchange

  • Celsius transferred over $59 million in altcoins to FalconX ahead of a possible liquidation.
  • Cryptocurrency lenders plan to convert tokens to BTC or ETH.
  • The largest altcoin held by Celsius is the native CEL token, currently worth over $106 million.

Celsius network worth millions of dollars altcoin in it on monday Polygon (MATIC)Chainlink (LINK) and Aave (AAVE).

As CoinJournal reported in June, the U.S. Bankruptcy Court recently granted bankruptcy. Celsius Moving forward with plans to liquidate multiple coins and tokens from July 1, 2023.

Crypto lenders have suggested they plan to exchange these for Bitcoin (BTC) and Ether (ETH) as part of preparations to refund customers affected by the crypto firm’s bankruptcy filing in July 2022.

Celsius Moves Polygon, Chainlink and Aave Tokens to FalconX

Celsius has deposited $59.4 million worth of various tokens on institutional cryptocurrency trading platform FalconX, according to data from cryptocurrency security platform Arkham Intelligence. According to Arkham data, Celsius transferred his $13.6 million worth of MATIC, $10.7 million worth of LINK, and $7.3 million worth of AAVE to addresses controlled by FalconX.

Data Geek shared transfer details:

The deal follows previous transfers that included $8.5 million worth of LINK, $7.8 million worth of SNX (a Synthetix native token), and $3 million worth of BNB tokens. Other tokens sent to the FalconX wallet address include 0x Protocol (ZRX), 1INCH FTX Token (FTT) and Tether Gold (XAUT).

Blockchain detective Lookonchain highlighted FalconX started depositing received tokens into Binance, suggesting a sale was taking place.

After these transfers, Dune Analytics data is show Celsius’ portfolio still holds over $106 million in native token CEL, $47 million in other altcoins (including $16.5 million in MATIC and $12.7 million in AAVE), and over $29 million in stablecoins ($24 million in USDC and $2 million in USDT).

Blockchain company Silkworm has recently moved forward while Celsius plans to convert altcoins to BTC or ETH. I got it The Celsius team thought it might be difficult to liquidate many tokens due to illiquidity. Its one he is CEL and has almost zero liquidity.

Analysts at Silkworm said potential selling pressure from a liquidation could put downward pressure on some tokens.

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