Celsius Repays $125 mn In ETH To Crypto Exchanges
Celsius, a crypto lender, has transferred over $125 million worth of Ether (ETH) to cryptocurrency exchanges, signaling steps towards repaying its creditors.
Between January 8 and 12, Celsius transferred $95.5 million to Coinbase and $29.7 million to FalconX. However, Celsius still retains a substantial amount of ETH, valued at approximately $1.36 billion.
The lender plans to use these funds for restructuring costs and initiating creditor repayments, but a specific timeline for these repayments remains unclear.
Celsius’s creditors have been in limbo for over 18 months since filing for bankruptcy in July 2022. In parallel, FTX and its trading arm Alameda Research transferred $28 million worth of cryptocurrencies, including Wrapped Bitcoin, Ether, and Pendle, to exchanges like Coinbase and Binance.
(With inputs from Shikha Singh)
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