The defunct cryptocurrency lending platform Celsius has been observed moving massive amounts of Ethereum to a centralized exchange. Creditors anticipate that the company will begin paying back creditors in liquid cryptocurrency in the middle of February.
On January 26, there were multiple large Ethereum transfers from the Celsius Network wallet to deposit wallets for Coinbase Prime and Paxos.
A $984 million transfer of 443,961 ETH, the biggest transaction, was made at the time of the transfer from Celsius to another network-controlled wallet before a move.
Blockchain intelligence company Arkham reports that 13 transactions transferred this substantial amount of ETH to Coinbase and Paxos wallets during the next hour.
Sptochain said, “Most of the 297,454 ETH sent to Coinbase was distributed to 12 fresh wallets, probably as part of an OTC deal.”
Two days prior, Celsius carried out an internal transaction on January 24th, moving 575,081 ETH using addresses marked Celsius Network: Staked ETH and Celsius Network: Eth2 Depositor.
Overall, Celsius has moved 757,626 ETH to FalconX, Coinbase, OKX, and Paxos since Nov. 13, 2023, it stated, adding that currently, Celsius still holds 62,469 ETH valued at $138.8 million at current prices.
Also Read: Celsius Unstaked $470M Ethereum For Creditors Repayments
