A wallet associated with the defunct crypto lending platform Celsius deposited $30.34 million worth of Ethereum (ETH) to Coinbase on Monday, according to the crypto tracker Lookonchain.
Lookonchain also notes that Celsius deposited $5.13 million worth of ETH to the crypto exchange FalconX.
Celsius’ two staking wallets still hold a total of 557,081 Ethereum worth around $1.3 billion.
Celsius filed for bankruptcy in July 2022 after its native token, CEL, plummeted by 99% and it was unable to fulfill withdrawals.
In July, the project’s founder, Alex Machinsky, was arrested and charged with multiple counts of fraud in the US. Mashinksy is also being sued by the U.S. Securities and Exchange Commission (SEC) for similar reasons. The regulatory agency alleges Mashinksy raised billions of dollars by lying to customers and offering unregistered securities.
Late last year, a judge approved a new plan from Celsius that aims to generate funds for a new mining and staking corporate spinoff designed to repay creditors.
The company, dubbed “NewCo,” will have a $1.25 billion balance sheet, $450 million of which will be liquid crypto.
In a statement earlier this month, Celsius said it has begun the unstaking process for its Ethereum holdings, which it has been using to generate income for its estate over the last year and a half.
“In preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity
Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process.Â
The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors.Â
As a reminder, eligible creditors will receive in-kind distributions of BTC and ETH as outlined in the approved Plan.”
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