- Celsius has sold another huge batch of crypto assets despite the US lodging an investigation against it.
- The sell-off comes days after CEO Alex Mashinsky was arrested and is being charged with fraud in the US.
Bankrupt crypto lender Celsius Network has sold significant crypto assets despite being investigated by the US. The sell-off comes days after the US arrested the lender’s CEO, Alex Mashinsky.
Celsius Network converting its crypto holdings
According to data from the Onchain platform, LookonChain, Celsius is selling its altcoin holdings. The on-chain data platform indicated that Celsius sold off assets as follows: 1.27M LINK ($8.5M) 2.83M SNX ($7.84M) 12,597 BNB ($3M) 4.45M 1INCH ($2.26M) 8.53M ZRX ($1.9 M) 439K FTT ($713K) into FalconX 186,149 BONE ($235K) into OKX.
The assets transferred to FalconX were then deposited into Binance for sell-off. Lookonchain was alarmed that Celsius began swapping its altcoins for Bitcoin and Ethereum on July 6, taking its total public altcoin holdings to $164.5 million held on the EVM Chain.
Celsius Network has been selling off its crypto holdings for quite some time now since it went ‘bankrut.’ The current sell-off comes after court approval on June 30 to convert its altcoin holdings into Bitcoin and Ethereum before redistributing the same to its creditors.
The development comes days after the US arrested its CEO Alex Mashinsky last Thursday on allegations of fraud. Alex Mashinsky is expected to fight charges against different regulators and the DoJ, making his situation the latest high-profile crypto lawsuit this year.
Keep watching Fintech Express for more updates on this and other fintech-related developments.