In an ongoing legal process related to the bankruptcy of the crypto lending institution Celsius, which filed for bankruptcy in July 2022, a significant development occurred last week.
Celsius Converts its Altcoins into BTC and ETH
The United States Bankruptcy Court for the Southern District of New York approved the bankrupt crypto lending company Celsius Network’s plan to convert its altcoins into BTC and ETH.
Following the court’s approval, Celsius took action to convert its altcoins into BTC and ETH, initiating the liquidation of its altcoins.
These Altcoins are Listed
Although the US Bankruptcy Court for the Southern District of New York approved Celsius’s conversion of its altcoins into BTC and ETH starting from July 1 on June 30, all the details regarding the sales to be carried out, especially whether all altcoins will be sold, have not yet been clarified to the public. Despite the points that have not been clarified yet, Celsius has taken action to begin the liquidation of altcoins.
So far, about $74 million worth of altcoins, including Synthetix, Uniswap and ZRX, have been moved from one wallet to another. Moreover, these crypto assets include stable cryptocurrencies such as USDT and USDC. According to crypto data platform Arkham, there are approximately $615 million worth of crypto assets in Celsius wallets, including $296 million in BTC and $120 million in ETH. The list also includes MATIC, ADA, LINK and LTC, including Celsius’s own token, CEL.
