Celsius, the bankrupt crypto lender, has taken steps to initiate creditor repayments by transferring over $125 million worth of Ether (ETH) to crypto exchanges in the past week.
Celsius, the bankrupt crypto lender, has taken steps to initiate creditor repayments by transferring over $125 million worth of Ether (ETH) to crypto exchanges in the past week. According to data from Arkham Intelligence, Celsius sent $95.5 million to Coinbase and $29.7 million to FalconX between January 8 and January 12.
Despite these transfers, Celsius still holds a substantial amount of ETH, with over 550,000 ETH worth approximately $1.36 billion at the time of writing. In preparation for creditor repayments and to cover restructuring costs, Celsius unstaked a significant portion of its ETH holdings on January5, moving 206,300 ETH — valued at $407 million at the time.
Celsius has stated that its recovery plan includes distributing Bitcoin (BTC) and ETH to creditors, but a specific date for these repayments has not been disclosed. Celsius creditors have been waiting over 18 months to access their funds, which were frozen when the platform declared bankruptcy in July 2022.
The recent ETH transfers indicate that Celsius is taking steps to fulfill its obligations to creditors. However, the exact timing and amount of these repayments remain uncertain.
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