2 reactions
Celsius Transfers $125M of ETH to Exchanges As FTX and Alameda Dump
Embattled crypto lender Celsius has shifted more than $125 million worth of its Ether (ETH) to crypto exchanges over the past week amid plans to begin repaying creditors.
Between Jan. 8 and Jan. 12, Celsius transferred $95.5 million to Coinbase, while $29.7 million was transferred to FalconX, according to data from Arkham Intelligence.
Looks like Celsius took the opportunity to unload >$125M of ETH over ETF Week.In the past week, they’ve deposited $95.5M to Coinbase and sent $29.73M to FalconX.They still have $1.4 billion (540K ETH) remaining.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye
— Arkham (@ArkhamIntel) January 13, 2024
However, Celsius still holds more than 550,000 ETH on its books, worth a staggering $1.36 billion at the time of publication.
On Jan. 5, Celsius moved to unstake a whopping 206,300 ETH — worth $407 million at the time — with the lender claiming that newly-liberated Ether would be used to pay for costs incurred through its restructuring process and in preparation to repay creditors.
Related: Celsius files intent to claw back certain pre-bankruptcy withdrawals
Celsius has stated it would distribute Bitcoin (BTC) and ETH to creditors in its recovery plan though it has yet to specify a specific date that creditors would begin receiving funds.
Celsius creditors have been waiting more than 18 months to receive funds stuck on the platform since the firm first declared bankruptcy in July 2022.
FTX and Alameda transfer $28M to exchanges
Celsius wasn’t the only embattled firm moving crypto holdings to exchanges in recent weeks.
On Jan. 14, bankrupt crypto exchange FTX and its defunct trading arm Alameda Research make its own moves by transferring $28 million worth of crypto to exchanges, according to data from blockchain analytics platform SpotOnChain.
Institutions #FTX and #Celsius moved $35.1M worth of $WBTC and $ETH to CEX as the $BTC and $ETH prices surged sharply in 24H.1. #FTX and #Alameda Research moved $11.72M, including:- 200 $WBTC ($9.39M) to #Binance at $46,952- 1,000 $ETH ($2.33M) to #Coinbase at $2,3302.… https://t.co/oggGMhcUC8 pic.twitter.com/o79tjOQWLk
— Spot On Chain (@spotonchain) January 9, 2024
The transfers included $18.7 million worth of Wrapped Bitcoin, $8 million worth of Ether, and $1 million worth of Pendle (PENDLE) to Coinbase and Binance.
After FTX and Alameda Research declared bankruptcy in November last year, FTX has sought to raise funds for creditor repayment. FTX administrators have successfully reclaimed approximately $7 billion in assets, with a substantial $3.4 billion in cryptocurrency.
The market has warmed to FTX creditor claims, with some going for as high as $0.50 on the dollar in October last year, suggesting that creditors stand a reasonable chance of being made whole. While there is no exact date for when FTX customers can expect to be reimbursed, the current plan estimate that repyaments should begin sometime this year.
Embattled crypto lender Celsius has shifted more than $125 million worth of its Ether (ETH) to crypto exchanges over the past week amid plans to begin repaying creditors.
Between Jan. 8 and Jan. 12, Celsius transferred $95.5 million to Coinbase, while $29.7 million was transferred to FalconX, according to data from Arkham Intelligence.
Looks like Celsius took the opportunity to unload >$125M of ETH over ETF Week.In the past week, they’ve deposited $95.5M to Coinbase and sent $29.73M to FalconX.They still have $1.4 billion (540K ETH) remaining.https://t.co/jp1PJbN46r pic.twitter.com/xgfX6yU5Ye
— Arkham (@ArkhamIntel) January 13, 2024
However, Celsius still holds more than 550,000 ETH on its books, worth a staggering $1.36 billion at the time of publication.
On Jan. 5, Celsius moved to unstake a whopping 206,300 ETH — worth $407 million at the time — with the lender claiming that newly-liberated Ether would be used to pay for costs incurred through its restructuring process and in preparation to repay creditors.
Related: Celsius files intent to claw back certain pre-bankruptcy withdrawals
Celsius has stated it would distribute Bitcoin (BTC) and ETH to creditors in its recovery plan though it has yet to specify a specific date that creditors would begin receiving funds.
Celsius creditors have been waiting more than 18 months to receive funds stuck on the platform since the firm first declared bankruptcy in July 2022.
FTX and Alameda transfer $28M to exchanges
Celsius wasn’t the only embattled firm moving crypto holdings to exchanges in recent weeks.
On Jan. 14, bankrupt crypto exchange FTX and its defunct trading arm Alameda Research make its own moves by transferring $28 million worth of crypto to exchanges, according to data from blockchain analytics platform SpotOnChain.
Institutions #FTX and #Celsius moved $35.1M worth of $WBTC and $ETH to CEX as the $BTC and $ETH prices surged sharply in 24H.1. #FTX and #Alameda Research moved $11.72M, including:- 200 $WBTC ($9.39M) to #Binance at $46,952- 1,000 $ETH ($2.33M) to #Coinbase at $2,3302.… https://t.co/oggGMhcUC8 pic.twitter.com/o79tjOQWLk
— Spot On Chain (@spotonchain) January 9, 2024
The transfers included $18.7 million worth of Wrapped Bitcoin, $8 million worth of Ether, and $1 million worth of Pendle (PENDLE) to Coinbase and Binance.
After FTX and Alameda Research declared bankruptcy in November last year, FTX has sought to raise funds for creditor repayment. FTX administrators have successfully reclaimed approximately $7 billion in assets, with a substantial $3.4 billion in cryptocurrency.
The market has warmed to FTX creditor claims, with some going for as high as $0.50 on the dollar in October last year, suggesting that creditors stand a reasonable chance of being made whole. While there is no exact date for when FTX customers can expect to be reimbursed, the current plan estimate that repyaments should begin sometime this year.
2
0 reactions
Crypto Community Reacts to SBF’s Second Trial Halt: Miscarriage of Justice
The United States Department of Justice’s decision not to pursue a second trial against Sam Bankman-Fried is sparking protests in the crypto scene. In a letter filed late on Dec. 29, prosecutors argued that the strong public interest in the case required a “prompt resolution of this matter.”
The decision means Bankman-Fried will not face additional charges over conspiracy to make unlawful campaign contributions. "Saying much more evidence that would be offered in a second trial was already offered in the first trial and can be considered by the Court at the defendant’s March 2024 sentencing," reads the document.
Among crypto enthusiasts, however, the strategy has been widely criticized. Coinbase’s chief legal officer Paul Grewal classified the announcement as a "miscarriage of justice," noting that:
"The public interest in a public airing of charges almost always matters. Campaign finance charges are at the very top of this list. What politicians and others knew what and when are critical questions that deserve answers."
Simon Dixon, co-founder of the online investment platform BnkToTheFuture.com, commented that the decision also prevents U.S. politicians from facing further scrutiny regarding campaign contributions and clawbacks during the 2024 election season.
#SBF Sam Bankman-Fried lost $8bn of #FTX client money. He donated $100m in stolen customer funds to US politicians. The US Government are prosecuting his fraud, but dropping his political campaign finance violations & likely won’t clawback the politicians for victims. pic.twitter.com/HJnGwvZ9No
— Simon Dixon (@SimonDixonTwitt) December 30, 2023
Bankman-Fried acknowledged that he was a “significant donor” to both sides of the political spectrum ahead of the 2022 midterm elections. According to court filings, he donated over $100 million to politicians.
During his trial in October, he said the donations made in his name came from loans from Alameda Research — FTX's sister company — as part of efforts to influence the U.S. government’s policies on regulating cryptocurrencies. Prior to the collapse of FTX in November 2022, Bankman-Fried anticipated making $1 billion in political donations by 2024.
It's quite convenient that one of the charges they are dropping against SBF is the one of campaign finance violations. I wonder why?
— Coin Bureau (@coinbureau) December 30, 2023
Besides political donations, Bankman-Fried has also been cleared of allegations of engaging in conspiracy to bribe Chinese officials. According to prosecutors, a second trial would not affect the U.S. Sentencing Guidelines range for him.
Bankman-Fried was found guilty of all seven fraud charges by a jury in his criminal trial over counts of wire fraud, wire fraud conspiracy, securities fraud, commodities fraud conspiracy and money laundering conspiracy. He is scheduled to be sentenced on March 28, 2024, facing a maximum of 115 years in prison.
Magazine: Can you trust crypto exchanges after the collapse of FTX?
The United States Department of Justice’s decision not to pursue a second trial against Sam Bankman-Fried is sparking protests in the crypto scene. In a letter filed late on Dec. 29, prosecutors argued that the strong public interest in the case required a “prompt resolution of this matter.”
The decision means Bankman-Fried will not face additional charges over conspiracy to make unlawful campaign contributions. "Saying much more evidence that would be offered in a second trial was already offered in the first trial and can be considered by the Court at the defendant’s March 2024 sentencing," reads the document.
Among crypto enthusiasts, however, the strategy has been widely criticized. Coinbase’s chief legal officer Paul Grewal classified the announcement as a "miscarriage of justice," noting that:
"The public interest in a public airing of charges almost always matters. Campaign finance charges are at the very top of this list. What politicians and others knew what and when are critical questions that deserve answers."
Simon Dixon, co-founder of the online investment platform BnkToTheFuture.com, commented that the decision also prevents U.S. politicians from facing further scrutiny regarding campaign contributions and clawbacks during the 2024 election season.
#SBF Sam Bankman-Fried lost $8bn of #FTX client money. He donated $100m in stolen customer funds to US politicians. The US Government are prosecuting his fraud, but dropping his political campaign finance violations & likely won’t clawback the politicians for victims. pic.twitter.com/HJnGwvZ9No
— Simon Dixon (@SimonDixonTwitt) December 30, 2023
Bankman-Fried acknowledged that he was a “significant donor” to both sides of the political spectrum ahead of the 2022 midterm elections. According to court filings, he donated over $100 million to politicians.
During his trial in October, he said the donations made in his name came from loans from Alameda Research — FTX's sister company — as part of efforts to influence the U.S. government’s policies on regulating cryptocurrencies. Prior to the collapse of FTX in November 2022, Bankman-Fried anticipated making $1 billion in political donations by 2024.
It's quite convenient that one of the charges they are dropping against SBF is the one of campaign finance violations. I wonder why?
— Coin Bureau (@coinbureau) December 30, 2023
Besides political donations, Bankman-Fried has also been cleared of allegations of engaging in conspiracy to bribe Chinese officials. According to prosecutors, a second trial would not affect the U.S. Sentencing Guidelines range for him.
Bankman-Fried was found guilty of all seven fraud charges by a jury in his criminal trial over counts of wire fraud, wire fraud conspiracy, securities fraud, commodities fraud conspiracy and money laundering conspiracy. He is scheduled to be sentenced on March 28, 2024, facing a maximum of 115 years in prison.
Magazine: Can you trust crypto exchanges after the collapse of FTX?