The crypto lending firm Celsius Network and the cryptocurrency exchange FTX, both of which made headlines in 2022 for their bankruptcies, are continuing to sell off assets. Spot On Chain reported that in the last 10 hours, both entities transferred assets worth $59.06 million to centralized crypto exchanges.
According to Spot On Chain’s findings, Celsius Network moved approximately $50.78 million worth of Ethereum (22,500 ETH at $2,257 each) to Coinbase. Following this sale, Celsius still holds around $90.9 million worth of Ethereum (30,969 ETH), which market observers anticipate will be sold off soon.
FTX and its investment arm Alameda Research, in the last four hours, transferred $8.28 million worth of six altcoins, including ETH, OKB, Metal DAO, Prom, DFI.Money, and Cream Finance, to centralized exchanges. Since October 24, 2023, FTX and Alameda Research have moved assets totaling $707 million (91 assets) to exchanges, effectively flooding the market.
Spot On Chain also revealed that just a day before, on January 26, Celsius Network had moved $1.02 billion worth of ETH to various exchanges. The bankrupt crypto lender transferred 305,254 ETH worth $674 million to Coinbase Prime, 146,507 ETH worth $324 million to Paxos, and 7,800 ETH worth $17.02 million to FalconX.
Since November 13, 2023, Celsius Network has transferred over $2 billion worth of Ethereum (780,000 ETH) to exchanges including FalconX, Coinbase, OKX, and Paxos.