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Celsius Sells Altcoins Worth Over $24 Million After Court Approval

2 mins
Updated by Geraint Price
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In Brief

  • Crypto lender Celsius has begun liquidating over $24 million of altcoins, including Chainlink and BNB, following court approvals.
  • The altcoins are being sold via institutional crypto trading platform FalconX, after Celsius received a bankruptcy court grant.
  • This comes amid ongoing lawsuits against Celsius by US regulators for charges including fraud and unregistered securities offers.
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Embattled crypto lender Celsius has started offloading over $24 million of altcoins, including Chainlink (LINK), Synthetix Network (SNX), BNB coin, 1Inch, and 0x Protocol (ZRX), among others.

While Celsius fights various lawsuits, it has started liquidating its assets following court approval. 

Celsius Transfers Altcoins to FalconX

According to the on-chain analytics platform Lookonchain, Celsius has started selling altcoins by sending them to the institutional crypto trading platform, FalconX. Lookonchain mentioned the transfer of the following altcoins:

  • 1.27 million LINK (approx. $8.50 million)
  • 2.83 million SNX (approx. $7.84 million)
  • 12,597 BNB (approx. $3 million)
  • 4.45 million 1INCH (approx. $2.26 million)
  • 8.53 million ZRX (approx. $1.9 million)
  • 439,000 FTX tokens (approx. $713,000)

Additionally, Celsius transferred 186,149 Bone ShibaSwap (BONE) tokens worth around $235,000 to the OKX crypto exchange.

Read our detailed guide to Chainlink here.

The development comes after Celsius won permission from the bankruptcy court on June 30 to convert altcoins into Bitcoin (BTC) and Ethereum (ETH). The court allowed the conversion so Celsius could distribute BTC and ETH to its creditors.

Due to the crypto market crash last year, Celsius filed for bankruptcy in July, as it could not honor customers’ withdrawals.

Charges Against Celsius

Recently the US regulators such as the Securities and Exchange Commission (SEC), Department of Justice (DOJ), Commodities Futures Trading Commission (CFTC), Federal Trade Commission (FTC), and the US Government filed lawsuits against the crypto lender for several charges including fraud, and unregistered offers and sells of securities.

Moreover, Celsius founder and former CEO Alex Mashinsky was arrested last Thursday.

Got something to say about Celsius altcoins or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms in the US | February 2024

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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