Mushmirbat
The move follows a previous large-scale Ethereum transaction and demonstrates Celsius Network's continued efforts to repay $3 billion to creditors.
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Blockchain analysis firm Spot On Chain reported on X (formerly Twitter) that crypto lending platform Celsius Network recently transferred 8,091 Ethereum (ETH) tokens worth approximately $24.5 million to Coinbase. . These transactions were performed at an average price of $3,022 per transaction. Ethereumrecords the largest Ethereum deposit made by the Celsius Network in the past three months.
There is also a spot-on chain. highlighted Previous transactions by Celsius Network. From November 13, 2023 to January 31, 2024, the company moved a staggering 847,626 ETH worth approximately $1.9 billion to various centralized exchanges. These transfers were reportedly made for over-the-counter transactions (OTC).
repayment to creditors
The latest transfers come after Celsius Network announced in February that it had begun repaying $3 billion in crypto and fiat to creditors. This important step concludes Celsius Networks' bankruptcy proceedings.
Celsius Network as part of bankruptcy exit strategy introduced Ionic Digital, a Bitcoin mining company. Ionic Digital will operate independently and will continue to collect to satisfy creditor claims. This move reflects Celsius Network's commitment to meeting its obligations and rebuilding its financial stability.
troubled past
Celsius Network's recent financial moves come 18 months after the platform suspended withdrawals in June 2022. This freeze was caused by a severe cryptocurrency market crash that caused a $45 billion loss in the value of Terra's cryptocurrency Luna.One month after withdrawal suspension, Celsius Network It has been submitted The company is subject to Chapter 11 bankruptcy protection.
However, Celsius Network's recent transfer of Ethereum to Coinbase is seen as part of the company's continued efforts to pay off creditors and emerge from bankruptcy. With the creation of Ionic Digital and the repayment of a significant portion of its debt, Celsius Network appears to be on the path to financial recovery and stability.
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Mushmirbat
