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Bankrupt crypto lending platform Celsius has transferred 459,561 ethereum (eth), valued at over $1 billion, to centralized exchanges including Coinbase, Paxos and FalconX, in the last 24 hours, per chain data.
In detail, more than 300,000 eth, equivalent to $673 million, were sent to Coinbase Prime. The company also transferred 146,507 eth, valued at around $323.3 million, to Paxos, and another 7,800 eth, worth $17.2 million, were transferred to FalconX.
This latest transfer follows a series of similar fund moves by Celsius in recent days. On January 24, blockchain researcher Lookonchain reported that the company deposited 18,000 eth, worth $40 million, on Coinbase.
Meanwhile, crypto analytics platform Spot on Chain provided a deeper analysis of the transfers. According to the company, Celsius has deposited 740,321 eth, worth an estimated $1.69 billion, on centralized exchanges, including FalconX, Coinbase, OKX, and Paxos, since November 2023.
However, despite these transactions, the company still holds a considerable amount of eth. Its address holds 62,468 eth, approximately $139 million at press time.
Why does Celsius make these transfers?
Spot On Chain analysis suggests the possibility of an over-the-counter (OTC) transaction, as around 97.2% of the total funds deposited on Coinbase were withdrawn to 12 newly created wallets.
“We noticed that 12 new wallets withdrew $296,835 (660 million) from Coinbase shortly after Celsius deposited $eth on the CEX, representing ~97.2% of the total amount deposited. “This is probably an OTC deal,” the company said.
Meanwhile, the reason for the transfer remains undisclosed. But it coincides with creditors' anticipation of a possible launch of payments in February.
On January 25, the Celsius Newco community He suggested that the company had an effective date of January 31, with expectations of distributing liquid cryptocurrencies to Earn Creditors starting in mid-February.
A Celsius distribution Frequently asked questions hints that Coinbase is the platform of choice for creditor payments in specific countries. Eighty-nine countries (excluding the United States) are eligible for Coinbase distribution.
The Celsius community of creditors cluster on social media platform
