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Celsius pays over $90m to Coinbase and FalconX via unstaked Ethereum

celsius-pays-over-90m-to-coinbase-and-falconx-via-unstaked-ethereum
Edited by
News
Celsius pays over $90m to Coinbase and FalconX via unstaked Ethereum

Over the past week, a total of 40,000 Ethereum, estimated to be over $90 million, was transferred by Celsius to its significant creditors, Coinbase and FalconX.

According to Arkham Intelligence, Celsius still retains a substantial amount of Ethereum in its Staked ETH account, amounting to approximately 59,000 ETH, valued at over $133 million. The bankrupt lender’s recent activity is a strategic maneuver to unlock a considerable portion of its Ethereum holdings. This decision is part of a comprehensive plan designed to facilitate the allocation of assets to the firm’s creditors, a major step in its bankruptcy proceedings.

Having filed for Chapter 11 bankruptcy protection in July 2022, Celcius grappled with a severe liquidity crisis, exacerbated by the downturn in the cryptocurrency market following the UST crash and FTX’s collapse. The decision to unstack Ethereum will potentially generate the liquidity needed to navigate the costs associated with the restructuring process and ensure that creditors receive their dues on time.

On Boxing Day, the court approved Celsius Network and its associated unsecured creditors to proceed with the “MiningCo Transaction.” This decision, documented in court filings, allows Celsius to move forward with a specific part of its restructuring plan.

Despite objections from the United States Trustee, a group of borrowers, and individual creditors like Cathy Lau and Anne Yeilding, the court ultimately sanctioned Celsius’s plan. This approval, along with the company’s recent ETH unstaking efforts, is a significant step in its ongoing efforts to manage its bankruptcy and restructure its operations.

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