CryptoPolyTech.com
Crypto, Politics, Tech, Gaming & World News.

Celsius moves $59M MATIC, LINK, other altcoins to exchange | CPT PPP Coverage

 | cutline • press clip • news of the day |

Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE

200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |

View more Headlines & Breaking News here, as covered by cryptopolytech.com


Celsius moves $59M MATIC, LINK, other altcoins to exchange appeared on coinjournal.net by Benson Toti.

  • Celsius has moved over $59 million of altcoins to FalconX ahead of possible liquidation.
  • The crypto lender plans to convert the tokens to BTC or ETH.
  • Celsius’s largest altcoin holding is its native CEL token, currently worth over $106 million.

Celsius Network moved millions of dollars’ worth of altcoins on Monday, among them Polygon (MATIC), Chainlink (LINK) and Aave (AAVE).

As CoinJournal reported in June, the US bankruptcy court recently allowed Celsius to proceed with plans to liquidate multiple coins and tokens beginning July 1, 2023. 

The crypto lender had indicated it would be converting these into Bitcoin (BTC) and Ether (ETH) as part of the preparation towards reimbursing customers impacted by the crypto company’s bankruptcy filing in July 2022.

Celsius moves Polygon, Chainlink and Aave tokens to FalconX

According to on-data from crypto security platform Arkham Intelligence, Celsius deposited $59.4 million worth of various tokens to institutional crypto trading platform FalconX. Per Arkham data, Celsius transferred $13.6 million worth of MATIC, $10.7 million in LINK, and $7.3 million in AAVE to an address controlled by FalconX.

The Data Nerd shared details of the transfers:

The transactions followed earlier transfers involving $8.5 million worth of LINK, $7.8 million of SNX (a Synthetix native token) and $3 million in BNB token. Other tokens sent to the FalconX wallet address include 0x Protocol (ZRX), 1inch (1INCH) FTX Token (FTT) and Tether Gold (XAUT).

Blockchain sleuth Lookonchain also highlighted that FalconX had started depositing the received tokens onto Binance – suggesting the sale was on.

After these transfers, Dune Analytics data shows the Celsius portfolio still holds over $106 million worth of its 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).

While Celsius moves ahead with plans to convert the altcoins into BTC or ETH, blockchain firm Kaiko recently noted that the Celsius team might find it difficult to liquidate a number of tokens due to their illiquidity. One of these is CEL, which has next to zero liquidity.

Elsewhere, analysts at Kaiko say the potential sell-off pressure from the liquidations could impact downward pressure on some of the tokens.



FEATURED ‘News of the Day’, as reported by public domain newswires.

Find more, like the above, right here on Cryptopolytech.com by following our extensive quiclick links appearing on images or [NEWSer CHEWSer].
View ALL Headlines & Breaking News here.

Source Information (if available)

This article originally appeared on coinjournal.net by Benson Toti – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.

We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.

CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.

We compile ‘news of the day’ content in an unbiased manner and contextually classify it to promote the growth of knowledge by sharing it just like Celsius moves $59M MATIC, LINK, other altcoins to exchange

First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!

You might also like