Bankrupt Celsius Transfers $10.6M to FalconX: Lookonchain

• Data tracker Lookonchain noted many transfers from Celsius to FalconX and other exchanges, with one worth $10.6 million. 
• Lookonchain suggested that the bankrupt crypto lender might want to sell its crypto assets as prices increase. 
• Celsius last week secured U.S. Court approval to transition into crypto mining. 

A recent report from data tracker Lookonchain suggested bankrupt crypto lender Celsius might be looking to take advantage of rising cryptocurrency prices. 

Notably, Lookonchain, in a tweet on X, mentioned several transactions from a wallet address associated with Celsius. Per the tweet, the data tracker noted Celsius transferred 5,160 ETH, worth around $10.6 million at current market prices, to crypto trading platform FalconX.

According to Lookonchain, the recent transaction follows several transactions from the crypto lender some days ago. “It seems that Celsius wants to sell some assets with the rising prices,” Lookonchain added. 

The crypto market has seen a resurgence since October, fueled by spot Bitcoin-ETF approval speculations. As a result, the broader crypto market saw an upsurge, with Bitcoin’s price rising above the $37K level and nearly hitting $38K. 

Meanwhile, Celsius scored a win in its bankruptcy journey last week after a U.S. court endorsed its plan to shift to crypto mining, as earlier reported. The company argued that the business transition forms part of a broader proposal to repay its customers. 

Celsius’ woes began last year following the Terra-Luna collapse, which plunged the entire crypto ecosystem into a steep decline. Since then, the company has been the subject of several investigations and allegations. Former CEO Alex Mashinsky is scheduled to appear in court in September 2024.

Accusations against Mashinsky include fraud, market manipulation, and non-compliance with regulations. However, Mashinsky continues to plead not guilty to the allegations.