Celsius Network Transfers $24.5 Million in Ethereum (ETH) to Coinbase: Details

According to a report from blockchain analysis firm Spot On Chain (previously known as X), Celsius Network, a cryptocurrency lending platform, moved 8,091 Ethereum tokens, equivalent to around $24.5 million, to Coinbase. This significant transfer, executed at an average price of $3,022 per ETH, represents the largest Ethereum deposit made by Celsius Network over the past quarter.

Celsius Network transferred a large amount of Ethereum, approximately 847,626 ETH or $1.90 billion, between November 13, 2023, and January 31, 2024. These transactions were noted by Spot On Chain and are believed to have been made for over-the-counter (OTC) trading deals.

Approximately 8,091 dollars worth of Ethereum (around $24.5 million) was deposited back into Coinbase by Celsius Network around 9 hours ago, marking their largest Ethereum deposit over the past three months. Earlier, between November 13 and January 31, Celsius transferred 847,626 dollars in Ethereum (approximately $1.9 billion) to various cryptocurrency exchanges, reportedly for Over-the-Counter (OTC) transactions.

— Spot On Chain (@spotonchain) April 17, 2024

Repayment to creditors

Following Celsius Network’s declaration in February that they began returning $3 billion in cryptocurrencies and regular money to their debtors, we have seen recent transfers. This substantial action signified the end of Celsius Network’s bankruptcy process.

To help Celsius Network exit bankruptcy, they introduced a new company called Ionic Digital, which specializes in Bitcoin mining. Ionic Digital will run independently and contribute to creditor payouts. This action demonstrates Celsius Network’s dedication to meeting its responsibilities and restoring financial health.

Troubled past

Approximately 1-and-a-half years ago, following a disastrous crypto market crash caused by the $45 billion plummeting value of Terra’s Luna cryptocurrency in June 2022, Celsius Network imposed a halt on withdrawals. About a month afterward, they filed for bankruptcy protection under Chapter 11.

Celsius Network’s recent Ethereum transfer to Coinbase is interpreted as a step towards settling its debts and reviving financially. By establishing Ionic Digital and paying off a considerable amount of its loans, Celsius Network seems to be making progress toward regaining financial health.

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2024-04-17 16:55