Companies Editor's Picks News

Celsius Network’s Significant Ethereum Transfer to Coinbase

Celsius Network's Significant Ethereum Transfer to Coinbase

TL;DR

  • Celsius Network’s Significant Ethereum Transfer: Celsius Network, a crypto lending platform, transferred $24.5 million worth of Ethereum (ETH) tokens to Coinbase. This transfer, involving 8091 units of Ethereum, is one of the most substantial transfers in the industry.
  • Celsius Network’s Financial Revival Strategy: The transfer signifies Celsius Network’s proactive strategy for financial revival. It comes after the company announced the settlement of their crypto and fiat creditors of $3 billion, marking the completion of Celsius Network’s bankruptcy proceedings.
  • Ionic Digital and Debt Repayment: As part of its plans to restore bankruptcy grounds, Celsius Network introduced Ionic Digital, an autonomous Bitcoin mining service, to compensate creditors.

The Celsius Network, a crypto lending platform, recently transferred $24.5 million worth of Ethereum (ETH) tokens to the renowned cryptocurrency exchange, Coinbase. This transfer, involving 8091 units of Ethereum at an average price of $3,022 per ETH, marks one of the most substantial transfers in the industry.

Spot On Chain, a prominent blockchain analytics firm, has spotlighted a significant transaction where Celsius Network moved 8091 Ethereum units to Coinbase. This transfer stands as the largest Ether withdrawal by Celsius Network in the past three months. 

Spot On Chain also sheds light on Celsius Network’s past transactions, revealing a substantial movement of Ethereum tokens worth $1.9 billion to various central exchanges from November 13, 2023, to January 31, 2024.

The transfer signifies Celsius Network’s proactive strategy for financial revival. It comes after the company announced the settlement of their crypto and fiat creditors of $3 billion, marking the completion of Celsius Network’s bankruptcy proceedings.

Celsius Network’s Proactive Strategy Post Bankruptcy

Celsius Network's Significant Ethereum Transfer to Coinbase

Celsius Network is working hard to rebuild its image after a major cryptocurrency market crash caused by a decrease in the value of Terra’s Luna cryptocurrency in June 2022. This crash led to a $45 billion loss for its customers, endangering the company’s relationships with its peers, staff, and clients.

The company announced its Chapter 11 bankruptcy filing following a month-long cessation of withdrawals. The recent asset transfer aligns with Celsius Network’s efforts to repay its creditors as it moves towards an exit from bankruptcy.

Celsius Network has introduced Ionic Digital, an autonomous Bitcoin mining service as part of its plans to restore bankruptcy grounds. This service aims to compensate creditors with claims from Celsius Network.

Coinbase plays a vital role in the recovery process. The recent transfer of 24.5 million ETH to Coinbase showcases Celsius Network’s dedication to stabilizing the digital currency market with sound financial strategies.

In conclusion, Celsius Network’s recent actions, including the start-up of Ionic Digital and the decision to start paying back significant debts, indicate that the company is taking the right steps towards financial well-being.

Related posts

Grayscale’s Disappointment Over New SEC Rejection of its Spot ETF

Joseph Alalade

How Polkadot’s Statemint Boosted USDT Supply by 125% in a Week

jose

Phala Network – the First Confidential Network of Smart Contracts

mehdi