Celsius Initiates Altcoin Sales After Obtaining Court Approval

Crypto lending company Celsius, which filed for bankruptcy, has started selling its altcoins after receiving court permission to convert them into Bitcoin (BTC) and Ethereum (ETH). Lookonchain, a popular on-chain analytics provider, has shared the list of altcoin sales conducted by Celsius so far.

At Least $25 Million Worth of Altcoin Sales

Leading on-chain analytics provider Lookonchain reported that Celsius has started selling altcoins and has made at least $25 million worth of sales across 7 different altcoins.

According to the data compiled by Lookonchain, the crypto lending company has sold 1.27 million Chainlink (LINK) worth $8.5 million, 2.83 million Synthetix (SNX) worth $7.84 million, 12,597 Binance Coin (BNB) worth $3 million, 4.45 million 1Inch (INCH) worth $2.26 million, 8.53 million 0x Protocol (ZRX) worth $1.9 million, 439,000 FTX Token (FTT) worth $713,000, and 186,149 Bone ShibaSwap (BONE) worth $235,000 in order to convert them into BTC and ETH.

Celsius, the crypto lending company that filed for bankruptcy in July 2022, made a significant move at the end of June during the ongoing legal process of bankruptcy by requesting to convert all of its altcoins into BTC and ETH. The US Southern District of New York Bankruptcy Court approved the company’s request to convert altcoins into BTC and ETH starting from July 1st. Following this approval, the first altcoin sales were carried out.

Altcoins Held in Celsius Wallets

On-chain data shows that the company holds assets worth millions of dollars in 14 different altcoins. Excluding the recent altcoin sales conducted by Celsius, the altcoins held by the company and their quantities are as follows:

• 60,348,000 Celsius (CEL)
• 91,630,000 Polygon (MATIC)
• 103,065,000 Chainlink (LINK)
• 1,832,000 Polkadot (DOT)
• 197,000 Litecoin (LTC)
• 106,000 Aave (AAVE)
• 53,000 Bitcoin Cash (BCH)
• 439,000 FTX Token (FTT)
• 864,000 Uniswap (UNI)
• 145,000 Solana (SOL)
• 47,851,000 Stellar (XLM)
• 19,000 Binance Coin (BNB)
• 3,119,000 EOS (EOS)
• 5,567,000 Serum (SRM)