Celsius sells $23.5 million of tokens days after former CEO was arrested

Celsius Network, which filed for bankruptcy in 2022, is selling its crypto holdings as the broader market recovers, partly due to Ripple’s win against the US Securities and Exchange Commission (SEC).

Data provided by Lookonchain shows that Celsius has already sold roughly $23.5 million worth of cryptocurrencies — including $8.5 million of chainlink (LINK), $7.84 million of synthetix (SNX), $3 million of BNB, $2.26 million from 1inch (1INCH), and $1.9 million worth of ox protocol (ZRX). 

Moreover, screenshots shared by the data provider also suggest that Celsius has deposited almost 439,000 FTT, worth $713,000, to FalconX. In addition, the platform also transferred 186,149 BONE tokens, worth $235,000, to OKX, a cryptocurrency exchange.

As of July 6, Celsius held $164.46 million worth of assets, most denominated in CEL, the platform’s native token.

The sell-off comes after former Celsius CEO, Alex Mashinsky, is set to be released on a $40 million bail. Mashinsky was arrested on July 13 and has already posted bail, which a US district court judge granted.

Moreover, Celsius is one of many insolvent cryptocurrency firms that has encountered intense scrutiny lately. On July 10, Voyager Digital’s lenders withdrew over $250 million of cryptocurrencies in 18 days.