According to Cointelegraph: Cryptocurrency lender, Celsius, has reportedly transferred over $125 million worth of Ether (ETH) to crypto exchanges over the past week, as it seeks to commence repaying its creditors. The firm, currently under the pressures of a restructuring process, transferred $95.5 million to Coinbase and another $29.7 million to FalconX, according to data from Arkham Intelligence.
Despite such hefty transfers, Celsius retains a significant portion of ETH, with over 550,000 Ether – equivalent to $1.36 billion – still on its records. In its bid to cater to restructuring expenses and preparing for creditor repayments, Celsius, on Jan. 5, unstaked about 206,300 ETH, valued at $407 million at the time.
Celsius, which filed for bankruptcy in July 2022, has yet to announce exactly when it will start the proposed distribution of Bitcoin (BTC) and ETH to creditors.
Similarly, troubled crypto exchange FTX and its defunct trading arm, Alameda Research, have also moved crypto holdings to exchanges. With $28 million transferred to exchanges, the bankrupt firm is also gearing up to repay its creditors. The transferred cryptocurrencies comprise $18.7 million worth of Wrapped Bitcoin, $8 million in Ether, and $1 million of Pendle (PENDLE) to other crypto exchanges.
Having successfully reclaimed about $7 billion in assets, including $3.4 billion in cryptocurrency, FTX aims to start repayments in 2024. Creditors are showing optimism as FTX creditor claims are going for as much as $0.50 on the dollar, suggesting reimbursements could be substantial.
