Bankrupt crypto financier Celsius Network transferred approximately $24 million worth of altcoins to OKX and FalconX wallets in the early hours of June 17.
Data from Arkham Intelligence show Most of the money was reportedly sent to crypto brokerage firm Falcon X. The company received $8.46 million worth of Chainlink (LINK), $7.71 million worth of Synthetix (SNX) and $3.06 million worth of BNB.
Other assets sent to FalconX include $2.1 million worth of 1INCH, $1.87 million worth of 0x Protocol’s ZRX tokens, and $718,000 worth of FTX’s native token FTT.
Meanwhile, the bankrupt lender also transferred about $235,000 worth of ShibaSwap’s BONE to the OKX exchange.
The deal was backed by blockchain research firm Lookonchain, FalconX added: deposit Altcoin to Binance.
The transaction appears to be on-chain evidence that lenders are seeking to liquidate Bitcoin (BTC) and Ethereum (ETH) digital assets following recent court approval.
Celsius still holds $180 million worth of altcoins.
Following recent moves, Dune Analytics data Celsius is shown to still hold around $183 million worth of altcoins, including its CEL token, Polygon’s MATIC, Avalanche’s AVAX token, stablecoins and more.
Celsius’ altcoin holdings are dominated by CEL tokens worth $106.28 million at the time of writing.
On June 10, blockchain analytics firm Kyco warned that Celsius could face difficulties in liquidating some altcoins due to liquidity issues. The company highlighted how little liquidity exists in CEL and how the liquidation of other assets could put pressure on the cryptocurrency market.
On the other hand, the chart above shows that Celsius’s BTC and ETH holdings account for over $350 million of the portfolio’s total assets.
Celsius co-founder faces legal battle.
On July 13, the bankrupt Celsius company agreed to pay a $4.7 billion fine with the Federal Trade Commission (FTC) as it works to liquidate its assets.
Meanwhile, Celsius co-founder Alex Mashinsky also faces charges from US regulators, including the Securities and Exchange Commission (SEC), for violating federal securities laws. Mashinsky was released on $40 million bail after being arrested on July 13.
Other regulators, including the US Department of Justice, the CFTC and the FTC, have also filed charges against him.
OKX first appeared on CryptoSlate after bankrupt Celsius transferred $24 million worth of altcoins to FalconX.
