A wallet associated with defunct cryptocurrency lending platform Celsius deposited $30.34 million worth of Ethereum (ETH) into Coinbase on Monday, according to cryptocurrency tracking firm Lookonchain.
Look on chain too note Chelsea deposited $5.13 million worth of ETH on cryptocurrency exchange FalconX.
Chelsea’s two staking wallets still hold a total of 557,081 Ethereum worth about $1.3 billion.
Celsius filed for bankruptcy in July 2022 after its token, CEL, plummeted 99% and was unable to honor withdrawals.
Last July, the project’s founder, Alex Machinsky, was arrested and charged with multiple counts of fraud in the United States. Mashinsky is also being sued by the U.S. Securities and Exchange Commission (SEC) for similar reasons. Regulators allege Mashinksy raised billions of dollars by lying to customers and offering unregistered securities.
Late last year, a judge approved Chelsea’s new plan aimed at raising funds for a new mining and staking spin-off designed to repay creditors.
The company, called “NewCo,” will have a balance sheet of $1.25 billion, $450 million of which will be liquid cryptocurrency.
In a statement earlier this month, Celsius said it had begun the unstaking process for its Ethereum holdings, which it has been using to generate returns on the asset over the past year and a half.
“In preparation for asset allocation, Chelsea has begun the process of divestment and rebalancing assets to ensure sufficient liquidity.
Chelsea will release its existing ETH holdings, which have provided valuable staking reward income to the property, to offset certain costs incurred during the restructuring process.
Significant unstaking activity over the next few days will result in ETH being unlocked and distributed to creditors in a timely manner.
As a reminder, eligible creditors will receive in-kind distributions of BTC and ETH as outlined in the approved plan.”
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