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 Celsius Network initiates substantial altcoin sell-off amid management upheaval. 
 Asset liquidation coincides with ex-CEO Mashinsky’s legal troubles as a Shift in asset management signals possible strategic change for Celsius. 
 Amid turbulence in the management hierarchy, Celsius Network, a top crypto-lending platform, initiates a substantial sell-off of altcoins, marking a possible strategic shift. 
 According to Lookonchain, a leading blockchain analytics firm, <a href="https://thecryptobasic.com/2022/06/10/offering-high-yields-crypto-lender-celsius-token-falls-in-the-wake-of-terra-collapse/" rel="noopener noreferrer nofollow">Celsius Network </a> recently liquidated a sizeable chunk of its altcoin holdings. Specifically, Celsius offloaded 1.27M LINK ($8.5M), 2.83M SNX ($7.84M), 12,597 BNB ($3M), 4.45M 1INCH ($2.26M), and 8.53M ZRX ($1.9M) among other tokens. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Celsius?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Celsius</a> 
 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> <a href="https://twitter.com/search?q=%24SNX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SNX</a> <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BNB</a> <a href="https://twitter.com/search?q=%24ZRX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ZRX</a> <a href="https://twitter.com/search?q=%24FTX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$FTX</a> <a href="https://twitter.com/hashtag/FalconX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FalconX</a> 
 <a href="https://twitter.com/search?q=%24BONE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BONE</a> <a href="https://twitter.com/hashtag/OKEx?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#OKEx</a> <a href="https://t.co/Auf2S9Z2Z5" rel="noopener noreferrer nofollow">https://t.co/Auf2S9Z2Z5</a> <a href="https://t.co/Dbznr0w3Le" rel="noopener noreferrer nofollow">pic.twitter.com/Dbznr0w3Le</a> 
 <a href="https://twitter.com/lookonchain/status/1680790940842340357?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 17, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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 Interestingly, the altcoins were mostly sold into FalconX before being transferred to Binance. Moreover, the firm transferred 186,149 BONE, approximately $235K, into the popular crypto exchange OKX. 
 <h2 id="altcoins-liquidated-focus-shifts-to-btc-and-eth">Altcoins Liquidated, Focus Shifts to BTC and ETH</h2> 
 Based on Lookonchain’s tweet on July 6, Celsius predominantly converted its altcoins to Bitcoin and Ethereum, the reigning cryptocurrencies. The tweet further noted that most altcoins were transferred to an account labeled “0x4131”. ... 
 <a href="https://thecryptobasic.com/2023/07/18/celsius-network-unloads-altcoins-amidst-ex-ceos-legal-fallout/" rel="noopener noreferrer nofollow">Read more</a>
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Celsius Network Unloads Altcoins Amidst Ex-CEO’s Legal Fallout

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TheCryptoBasic

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