• Bankrupt crypto lender Celsius Network moved around $70 million worth of altcoins and stablecoins to different wallets on July 5.
• The wallets included those related to crypto market maker Wintermute, crypto custodial firm Fireblocks, and stablecoin issuer Paxos.
• The altcoins transferred included Chainlink, Polygon, Synthetix, Avalanche and others, while the stablecoins involved in the transaction include Binance USDT.
Celsius Moves Altcoins for Bitcoin & Ethereum Conversion
Crypto lender Celsius Network moved around $70 million worth of altcoins and stablecoins on July 5 following court approval to sell them for Bitcoin (BTC) and Ethereum (ETH). Data from Arkham Intelligence revealed that the funds were transferred to wallets related to crypto market maker Wintermute, crypto custodial firm Fireblocks, and stablecoin issuer Paxos.
Altcoin Transfers
The altcoins transferred included Chainlink, Polygon, Synthetix, Avalanche and others. According to data from Arkham intelligence these transfers ranged from tens of thousands to millions of US dollars depending on the asset.
Stablecoin Transfers
Stablecoins involved in the transaction include Binance USDT as well as other popular assets such as Circle’s USDC and Tether’s USDT. These transfers again ranged from tens of thousands up to millions of US dollars according to data from Arkham Intelligence.
Implications for Crypto Lending Market
The move by Celsius could have implications for the wider cryptocurrency lending market as it signals a potential shift away from traditional banking methods towards alternative financial services providers like Celsius. It is yet unclear whether or not this trend will continue however it certainly has prompted speculation amongst industry analysts who are keenly observing all developments relating to this story over the coming weeks.
Conclusion
This news serves as a reminder that crypto-based companies can offer innovative solutions that disrupt traditional finance despite facing regulatory headwinds in certain markets such as the United States where many firms have had their assets frozen due to accusations of fraud or money laundering activities. Despite these challenges many companies remain hopeful that they can still offer competitive products in a new digital economy powered by blockchain technology